Hi, my question relates to EFN406, Managerial Finance. The question is;

Karine and Arlo are trying to establish a University Fund for their daughter who turns 4 today. They plan for Amelia to withdraw $13,000 on her 19th birthday and $14,000, $15,000 and $15,100 on her subsequent birthdays (20th, 21st and 22nd). They wish to deposit money into an account so that with interest it will build up enough to make the planned withdrawals. They wish to make 10 equal annual deposits and they intend to make their first deposit today and expect to earn an average return of 7% pa on the account.

i.How much will Karine and Arlo need to deposit each year to the account to achieve their goal?

ii. Create a schedule showing the cash inflows (including interest) and outflows of the fund. How much will be in the fund on Amelia's 16th birthday?

I have calculated the deposits to be $2844 by calculated the present value from the cash flows given and then solving for x.

PV0 = 13000/(1+i)¹⁵ +14000/(1+i)¹⁶+15000/(1+i)¹⁷+15100/(1+i)¹⁸

x = Vo/PVIFA(100,0.07)/(1+i)

Now I am trying to create the schedule of inflows and outflows and it doesn't end closing balance at zero.... I have double checked the first step and I think this is correct but I can't work out where I am going wrong with the schedule.

Schedule of Cash inflows and outflows Birthday Opening Bal Deposit Interest Withdrawal Closing Bal O 0 2844 0.00 2844 2844 2844 199.10 5888 5888 2844 412.14 9144 9144 2844 640.09 12629 12629 2844 884.00 16357 16357 2844 1144.98 20346 0 00 NO) 01 AWN 10 20346 2844 1424.23 24615 24615 2844 1723.02 29182 12 29182 2844 2042.74 34069 13 34069 2844 2384.83 39298 10 It ! 39298 2750.87 42049 11 42049 0 2943.43 44992 12 16 44992 0 3149.47 48142 17 48142 0 3369.93 51512 14 18 51512 0 3605.83 55118 15 55118 0 3858.23 13000 45976 16 20 45976 0 3218.31 14000 35194 21 35194 0 2463.59 15000 22658 18 22 22658 0 1586.04 15100 9144