Question
Suppose you wish to make 26 regular annual withdrawals from your bank account for the next 26 years. All the withdrawals will be of the
Suppose you wish to make 26 regular annual withdrawals from your bank account for the next 26 years. All the withdrawals will be of the amount of $3,349. You plan to make the first withdrawal a year from now, the second one two year from now, the third one three years from now, and so on. In addition, you also wish to have $2,129 remaining balance in your account right after your 26th withdrawal. If the bank pays 6% annual compounding interest, how much money do you need to have in the account right now so that you can make all the 26 withdrawals and have $2,129 leftover as expected. Round your answer to the nearest $1, i.e., round to a whole number.
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