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Derek wants to withdraw $10,642.00 from his account 3.00 years from today and $12,186.00 from his account 14.00 years from today. He currently has $3,050.00
Derek wants to withdraw $10,642.00 from his account 3.00 years from today and $12,186.00 from his account 14.00 years from today. He currently has $3,050.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 5.76% interest rate. His account must equal zero by year 14.0 but may be negative prior to that. Submit Answer format: Currency: Round to: 2 decimal places. Derek can deposit $243.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00% and compounds interest monthly, Derek can deposit $2,462.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))
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