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Hello, I have a finance question I can't seem to figure out: Derek wants to withdraw $11,814.00 from his account 8.00 years from today and
Hello, I have a finance question I can't seem to figure out:
Derek wants to withdraw $11,814.00 from his account 8.00 years from today and $12,816.00 from his account 13.00 years from today. He currently has $2,385.00 in the account. How much must he deposit each year for the next 13.0 years? Assume a 5.85% interest rate. His account must equal zero by year 13.0 but may be negative prior to that.
The correct answer is $1,257.67, but I am having trouble reaching it. Any help would be amazing!
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