Question
12. Derek wants to withdraw $11,762 from his account 3 years from today and $12,042 from his account 14 years from today. He currently has
12. Derek wants to withdraw $11,762 from his account 3 years from today and $12,042 from his account 14 years from today. He currently has $2,090 in the account. How much must he deposit each year for the next 14 years? Assume a 5.51% interest rate. His account must equal zero by year 14 but may be negative prior to that. Currency: Round to: 2 decimal places.
Derek currently has $10,844 in an account that pays 6%. He will withdraw $5,464 every other year beginning next year until he has taken 7 withdrawals. He will deposit $10,844 every other year beginning two years from today until he has made 7 deposits. How much will be in the account 30 years from today? Currency: Round to: 2 decimal places.
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