a person deposits 5000 into a savings account at 24 interest
a person deposits $5000 into a savings account at 2.4% interest compounded monthly and then withdraws $300 at the end of each month. Prepare a table showing the balance and interest for the first four months
Solution
Initial Balance Interest Withdrawal Final Balance 5000 10 300 4710 4710 9.42 300 4419.42 4419.42 8.83884 300 4128.25884 4128.25884 8.25651768 300 3836.515358