Suppose an individual makes an initial investment of $1,400

Last updated: 7/23/2022

Suppose an individual makes an initial investment of $1,400 in an account that eams 4%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years so that the account balance will be reduced to 50), (a) How much is in the account after the last deposit is made? (D) How much was deposited? (c) What is the amount of each withdrawal? (d) What is the total amount withdrawn?