Purchase Solution

Balance in account after second withdrawal

Not what you're looking for?

Ask Custom Question

$3,000 is deposited into an account paying 10% annually, to provide three annual withdrawals of $1,206.34 beginning in one year. How much remains in the account after the second payment has been withdrawn?

Purchase this Solution

Solution Summary

Provided is a step-by-step solution on how to calculate the balance in the account after the second payment has been withdrawn.

Solution Preview

The amount would be the present value of the last withdrawal which would be made in 1 year.

Present Value = ...

Purchase this Solution


Free BrainMass Quizzes
IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Operations Management

This quiz tests a student's knowledge about Operations Management

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Introduction to Finance

This quiz test introductory finance topics.

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.