Question
A. Derek wants to withdraw $11,102.00 from his account 4.00 years from today and $12,960.00 from his account 14.00 years from today. He currently has
A. Derek wants to withdraw $11,102.00 from his account 4.00 years from today and $12,960.00 from his account 14.00 years from today. He currently has $2,315.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 5.95% interest rate. His account must equal zero by year 14.0 but may be negative prior to that.
Answer Format: Currency: Round to: 2 decimal places.
B. Derek currently has $13,130.00 in an account that pays 6.00%. He will withdraw $5,904.00 every other year beginning next year until he has taken 5.00 withdrawals. He will deposit $13130.0 every other year beginning two years from today until he has made 5.0 deposits. How much will be in the account 23.00 years from today?
Answer Format: Currency: Round to: 2 decimal places.
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