Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer all questions. 2 Derek wants to withdraw $11,192.00 from his account 7.00 years from today and $13,642.00 from his account 11.00 years from
Please answer all questions.
2 Derek wants to withdraw $11,192.00 from his account 7.00 years from today and $13,642.00 from his account 11.00 years from today. He currently has $2,828.00 in the account. How much must he deposit each year for the next 11.0 years? Assume a 6.75% interest rate. His account must equal zero by year 11.0 but may be negative prior to that. unanswered not_submitted Attempts Remaining: Infinity Submit Answer format: Currency: Round to: 2 decimal places. 3 Derek currently has $14,563.00 in an account that pays 4.00%. He will withdraw $5,598.00 every other year beginning next year until he has taken 4.00 withdrawals. He will deposit $14563.0 every other year beginning two years from today until he has made 4.0 deposits. How much will be in the account 23.00 years from today? unanswered not_submitted Attempts Remaining: Infinity Submit Answer format: Currency: Round to: 2 decimal places. 14 unanswered Derek can deposit $292.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00% and compounds interest monthly. Derek can deposit $2,564.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? not_submitted Attempts Remaining: Infinity Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign requiredStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started