Derek currently has $12,287.00 in an account that pays 4.00%. He will withdraw $5,404.00 every...
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Accounting
Derek currently has $12,287.00 in an account that pays 4.00%. He will withdraw $5,404.00 every other year beginning next year until he has taken 4.00 withdrawals. He will deposit $12287.0 every other year beginning two years from today until he has made 4.0 deposits. How much will be in the account 30.00 years from today?
Answer format: Currency: Round to: 2 decimal places.
Derek can deposit $272.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 13.00% and compounds interest monthly. Derek can deposit $2,522.00 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?
Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))
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