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Derek wants to withdraw $12,497.00 from his account 5.00 years from today and $13,319.00 from his account 11.00 years from today. He currently has $3,925.00
Derek wants to withdraw $12,497.00 from his account 5.00 years from today and $13,319.00 from his account 11.00 years from today. He currently has $3,925.00 in the account. How much must he deposit each year for the next 11.0 years? Assume a 5.47% interest rate. His account must equal zero by year 11.0 but may be negative prior to that.
Answer format: Currency: Round to: 2 decimal places.
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