Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
Future value for A=1000*(1.07)^5
=$1402.55(Approx)
Future value for B=1000*(1.07)^8
=$1718.19(Approx)
Hence For B;withdrawal is greater.
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