Question
Mark wants to withdraw $6,500 at the end of three years and $8,000 at the end of five years. He wants to do this in
Mark wants to withdraw $6,500 at the end of three years and $8,000 at the end of five years. He wants to do this in such a way that the account balance drops to zero after the last withdrawal. Assuming that the interest rate is 5%, how much money should Mark deposit today to ensure that his needs are met?
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$5,614.94
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$11,883.15
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$653.26
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$6,268.21
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
4th Canadian edition
134724712, 134724713, 9780134779782 , 978-0134724713
