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Just need help with number 21! 21. What amount must be deposited into an account offering a stated annual rate of 10.24% compounded annually if,
Just need help with number 21!
21. What amount must be deposited into an account offering a stated annual rate of 10.24% compounded annually if, beginning one year from today, one wishes to make a.) five annual withdrawals as follows?: End of Year 1 2 3 4 5 $1,000 x (1.04) = $1,040.00 $1,000 x (1.04)etc. $1,000 x (1.04) $1,000 x (1.04)4 $1,000 x (1.04)s , b.) fifty such annual withdrawals? That is, continue the sequence and end.it as follows: End of Year Withdrawal 49 50 $1,000 x (1.04) $1,000 x (1.04)o 22. Suppose an investment account offers the following rates over a three year period: Year 1: Year 2: Year 3: r = 10.008 r = 12.008 r = 8.008 c = 1 c = 2 c-> and then repeats this pattern in years 4, 5, and 6 and aga i 7 8 and 9, etc. over and over again forever. interest, rott oStep by Step Solution
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