Question

34 3 points Anna has $31.254 in a savings account that pays 4.5% per year. Assume that she withdraws $10,000 today and another $10,000 one year from today. If she waits and withdraws the entire remaining balance four years from today, what will be the amount of that withdrawal? $13.238.13 00 0000 $14,001.12 $14,201.64 $13.934.13 Clear my selection

Answer 1

The amount of the withdrawal If she waits and withdraws the entire remaining balance four years from today is approximately $13.934.13

How to solve for the withdrawal amount

Step 1: Calculate the remaining balance after the first withdrawal.

(31254 - 10000) * 1.045

= 21254 * 1.045

= $22210.43

step 2: Calculate the remaining balance after the second withdrawal.

$22210.43 - 10000

= 12210.43

step 3: Calculate the interest earned over the next three years.

12210.43 * 1.045³

= 13934.129

approximately $13.934.13

The amount of the withdrawal If she waits and withdraws the entire remaining balance four years from today is approximately $13.934.13