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How much money should be deposited at age 50 in order to withdraw $30000 at the end of each year for 5 years if the
How much money should be deposited at age 50 in order to withdraw $30000 at the end of each year for 5 years if the first withdrawal is made at age 65. The account earns 8.25% compounded quarterly. Hint: Round effective rate to two decimal places. For the time where no withdrawals are being made, use 8.25% compounded quarterly.
Answers I have tried that are incorrect: 143837.93, 34715.88, 39223.14, 34715.88, 4298.02, 118996.18, 71264.96, 1504786.12, 625967.32.
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