Question
Starting next year, you will need $12200 annually for 4 years to complete your education. (One year from today you will withdraw the first $12200.Your
Starting next year, you will need $12200 annually for 4 years to complete your education. (One year from today you will withdraw the first $12200.Your uncle deposits an amount today in a bank paying 5% annual interest, which will provide the needed $12200 payments .
a) How large must the deposit be?
b) How much will be in the account immediately after you make the first withdrawal?
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Funding And Financing Transport Infrastructure
Authors: Athena Roumboutsos, Hans Voordijk, Aristeidis Pantelias
1st Edition
0367735792, 9780367735791
