If you have $5,000 in an account today and withdraw $2,000 in 3 years, how much can you withdraw from the account in 5 years, if the account earns interest at 8% per year, compounded annually?
Okay, let's see. If I have $5,000 and withdraw $2,000 in 3 years, and the account earns 8% interest annually, that means I'll have more than $5,000 left in 5 years. I'll just need to calculate the exact amount.
Martina
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