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Problem 1) Today, April 1st 2020, I put $1000 into the bank. Every month thereafter I...

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Economics

Problem 1) Today, April 1st 2020, I put $1000 intothe bank. Every month thereafter I added the same amount, plus $20more than the month before (i.e. $1020, $1040, $1060, etc.) If thesign on the door of my bank says they pay 6% nominal yearlyinterest, how much will I be able to take out of the bank onJanuary 1st, 2023. Draw a cash-flow diagram.

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4.2 Ratings (916 Votes)
First deposit of 1000 is madetoday that is 1st of April 2020 And each month the depositincrease by an amount 20 Here i have    See Answer
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