X=2,500,000

Y=5%

Z=2,000

W=15

1) A person invested SR X in an account that pays Y% compounded annually. The first withdraw happens at the end of year 3. The payments increase at 5% every year until the end of 6th year. Thereafter, the payments decrease by SR Z every year. The planning horizon is W years. Calculate the value of the first withdraw such that this investment is attractive (Use PW analysis)