1. Derek currently has $11,112.00 in an account that pays 4.00%. He will withdraw $5,863.00...
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1. Derek currently has $11,112.00 in an account that pays 4.00%. He will withdraw $5,863.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $11112.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 26.00 years from today?
2. Derek can deposit $217.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 14.00% and compounds interest monthly. Derek can deposit $2,472.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years?
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