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USING EXCEL (please be concise and use functions) You plan to make 5 equal annual deposits into an account paying 6% interest. The first deposit
USING EXCEL (please be concise and use functions)
You plan to make 5 equal annual deposits into an account paying 6% interest. The first deposit is to be made today (June 14, 2023). You want to turn the account over to James and have enough money in the account such that
James will be able to withdraw, from the account, $5,000 per year FOREVER. (first withdrawal to be made in 2033).
- How large must your FIVE original deposits be?
- Now suppose that you make only the first FOUR deposits (using the value found in Part A. You skip the fifth deposit. But, feeling bad, you decide to make a fifth deposit in 2030, and a sixth deposit in 2031 (both of these deposits are also of the size found in Part A). How much will James be able to withdraw each year from the account forever, if he still wants to begin withdrawing the funds in the year 2033?
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