6.4 Annuities (Present Value) Tom needs to withdraw $7,000 from an account once a year for the next four years. The first withdrawal is set to be made today. The last withdrawal should zero out the account. The accounts earns interest at 10%. The amount Tom needs to have in his bank account before the first withdrawal can be determined by $7.000 + ($7.000 x 0.909) + ($7.000 x 0.826)+($7.000 x 0.751) $7,000+ 0.683x4 $7,000+ 0.909 X4 ($7,000 x 0.909) + ($7,000 0.826) + ($7.000 x 0.751)+($7.000 x 0.683) Submit mit Answer Save for Later