91Ó°ÊÓ

A sum of $$\$ 5000$$ is deposited in a bank today. What will the final amount be in 20 months if the bank pays \(9 \%\) and the interest is compounded monthly?

Ali has inherited $$\$ 20,000$$ and is planning to invest this amount at \(7.9 \%\) interest. At the same time he wishes to make equal monthly withdrawals to use up the entire sum in 5 years. How much can he withdraw each month?

Mr. Tong puts aw ay $$\$ 500$$ per month for 10 years in an account that earns \(9.3 \%\). After 10 years, he decides to withdraw $$\$ 1,000$$ per month. If the interest rate stays the same, how long will it take Mr. Tong to deplete the account?