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Sarah plans to make 65 equal incremental withdraws of $216 at the end of each month from her savings account that pays 6.61% interest per
Sarah plans to make 65 equal incremental withdraws of $216 at the end of each month from her savings account that pays 6.61% interest per year with the first withdrawal at the end of this month. Sarah plans to have zero balance in his account once all the withdrawals are complete. How much must Sarah deposit today if she expects to withdraw an additional $2,184 (on top of the $216 recurring withdrawal) 5 years from today? Assume that all interest is compounded monthly.
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