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An amount, P, must be invested now to allow withdrawals of $1,000 per year for the next 13 years and to permit $350 to be

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An amount, P, must be invested now to allow withdrawals of $1,000 per year for the next 13 years and to permit $350 to be withdrawn starting at the end of year 5 and continuing over the remainder of the 13-year period as the $350 increases by 5% per year thereafter. That is the withdrawal at EOY six will be $367.50 $385.88 at EOY seven, and so forth for the remaining years. The interest rate is 12% per year. Click the icon to view the interest and annuity table for discrete compounding when 5% per year Click the icon to view the interest and annuity table for discrete compounding when i= 12% per year. The P amount is S(Round to the nearest dollar)

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