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To complete your last year in business school and then go through law school, you will need $10,000 per year for 4 years, starting next
To complete your last year in business school and then go through law school, you will need $10,000 per year for 4 years, starting next year (that is you will need to withdraw the first $10,000 one year from today). Your rich uncle offers to put you through school, and he will deposit in a bank paying 7% interest a sum of money that is sufficient to provide the 4 payments of $10,000 each. His deposit will be made today.
a. Show the value in the account before and after each withdrawl at the end of 2,3, and 4 years
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