Question
Use a new (fresh) excel workbook to perform calculations and make sure to highlight each of your final answers. Im having trouble using my formulas
Use a new (fresh) excel workbook to perform calculations and make sure to highlight each of your final answers.
Im having trouble using my formulas in excel or understanding how to go about this
To get a degree and then go through graduate school, a person will need $65,000 at end of each of the next 7 years. But their Aunt offered to put them through school, and she will deposit in a bank paying 4.00% interest a sum of money that is sufficient to provide with the needed 7 withdrawals of $65,000 each.
a) How large of a deposit must she make today?
b) How much will be in the account immediately after the college student makes the 3rd $65,000 withdrawal?
c) How much will be in the account immediately after the college student makes all the withdrawals including the last one in 7 years?
d)Now, if the college student decides to drop out of school today and not make any of the withdrawal, but instead keeps their aunt's money, that she deposited today, in the account that is earning 4.00%, how much would the college student have at the end of 7 years?
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