Suppose 27 years ago, your father deposited $ 27,992 in an account earning 9%. Every year you withdrew $1,369 (you withdrew 27 times in total, your last withdrawal is today). How much is in the account after your last withdrawal?
When you deposit any amount in the bank there is interest associated with it which gets added to the amount at the end of the stipulated period and any withdrawal during the period is charged to the account.
Answer and Explanation: 1
The below table depicts the year on year progression in the account.
|Year||Opening Balance||Interest @ 9% on Opening...|
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fromChapter 3 / Lesson 5
Discover the chart of accounts and ledger accounting definitions. Learn about the different ledgers and account types, as well as the chart of accounts numbering system.