Thank you for visiting Monthly deposits of 62 50 are made into a savings account for three consecutive years One year later 2550 is withdrawn from the account Draw. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
A cash flow diagram from the bank's perspective would involve three consecutive years of $750 upward arrows (representing yearly income from monthly deposits), followed by a year with no transactions, and then a $2550 downward arrow showing a withdrawal.
Explanation:
In the cash flow diagram, each segment represents a year, with the arrow indicating the direction of money flow. From the bank's perspective, the arrows indicating deposits into the savings account (income for the bank) are upwards, and withdrawals from the account (expenditure for the bank) are downwards.
In the first three consecutive years, there will be upward arrows showing the monthly deposits of $62.50, which totals $750 per year (i.e., 62.5 x 12). After one year of no transactions, a single downward arrow symbolizing a withdrawal of $2550 will be shown. The interest paid yearly has not been specified in the question, but if it was, it could be incorporated into the diagram by adjusting the value of the arrows for each year accordingly.
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