You are going to create a statement, by hand, using only the formulas on the chapter 10 chart (which we have looked at in class). The statement will display the information for a decreasing annuity for 2 years. You may NOT use the TVM Solver or Excel. If done correctly, the statement layout will look something like Table 1 on page 431.

The table that you create will have the following five columns: Date, Deposits, Withdrawals, Interest, and Balance.

Fill in the appropriate dates (starting at the beginning of the account) when a deposit or withdrawal is made and/or when interest is earned. Fill in the appropriate values if any deposits are made if any withdrawals are made, what interest is earned when interest is computed, and the balance at the end of the compound period. Create the statement that shows this information from the time you open the account to the end of the second year.

You deposit $47,500 on January 1, 2013. At the end of each six months (i.e. semiannually), you decide to withdraw $1,081.26 from the account. The account earns that earns 2.17% interest compounded semiannually. No additional deposits are made during the two years. Create a statement that shows the information about the account during the two years (1/1/2013 to 1/1/2015). Note that you should have a balance of $45,199.36 on 1/1/2015