Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Derek wants to withdraw $12,424.00 from his account 5.00 years from today and $12,469.00 from his account 11.00 years from today. He currently has
1. Derek wants to withdraw $12,424.00 from his account 5.00 years from today and $12,469.00 from his account 11.00 years from today. He currently has $3,967.00 in the account. How much must he deposit each year for the next 11.0 years? Assume a 6.98% interest rate. His account must equal zero by year 11.0 but may be negative prior to that.
Answer Format: Currency: Round to: 2 decimal places.
2. Derek currently has $13,919.00 in an account that pays 6.00%. He will withdraw $5,788.00 every other year beginning next year until he has taken 5.00 withdrawals. He will deposit $13919.0 every other year beginning two years from today until he has made 5.0 deposits. How much will be in the account 30.00 years from today?
Answer Format: Currency: Round to: 2 decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started