Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Get immediate and reliable solutions to your questions from a knowledgeable community of professionals on our platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

We deposited $4000 in a bank account with an annual compound interest rate of 5%, compounded annually. Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $30,000 from the account? (Assume that interest is added to the account on the last day of each year.) We can take out that much at the end of what year?

Sagot :

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.