During a3-year periodwhen his business was prospering, Jack was able todeposit $1,000at the end of each month in an accountearning 12 percent compounded monthly. The business slackened, and jack could not continue the deposits. Moreover, the interest rate on his accumulated deposits fell to8 percent compounded quarterlyand remained atthis level for 10 years, at which time Jack decided to exhaust the account by withdrawing equal amounts at the end ofevery 6 months for 5 years. Theinterest rate remained at 8 percent compoundedsemiannually over the time of the withdrawals.How much did Jack withdraw every 6 months ?
solving these math details
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