Mr smith has saved 1800 each year for 20 years a year after, Ask an Expert

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Mr Smith has saved $1800 each year for 20 years. A year after the saving period ended, Mr Smith withdrew $7500 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5000 per year. In the eighth year, he decided to withdraw the remaining money in his account. If the interest rate was 6% per year throughout the whole period, what was the amount he withdrew at the end of the eighth year?( Show complete steps and also show Cash flow diagram)

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707493

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