Invest and Earning
2:34 AM
Muhammad Yusuf
, Posted in
Bob invests $100,000, earning 5% simple annual interest. Upon adding the interest to the account after one year, he withdraws 2% of what is now in the account, investing the rest for another year at 5% simple interest. After the account has this new year of interest added to it, he again withdraws 2% of what is now in the account, investing the rest for another year at 5% simple interest, and so on. Rounded to the nearest dollar, how much is in the account after his 7th withdrawal?
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