Statistics Solutions

[Steps Shown] Misplaced Funds Suppose that $1000 is misplaced in a non-interest-bearing checking account and forgotten. Each year, the bank imposes a service

Question: Misplaced Funds Suppose that $1000 is misplaced in a non-interest-bearing checking account and forgotten. Each year, the bank imposes a service charge of \(1 \%\). After 20 years, how much remains of the $1000? (Hint: Consider Equation (1) with \(r=-0.01\).)

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