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You are going to withdraw $1,000 at the end of each year for the next three years from an account that pays interest at a
You are going to withdraw $1,000 at the end of each year for the next three years from an account that pays interest at a rate of 8% compounded annually. How much must there be in the account today in order for the account to reduce to a balance of zero after the last withdrawal? A) $793.83 B) $2,577.10 C) $2,602.29 D) $2,713.75 E) $2,775.67
You are going to withdraw $1,000 at the end of each year for the next three years from an account that pays interest at a rate of 8% compounded annually. How much must there be in the account today in order for the account to reduce to a balance of zero after the last withdrawal?
A) $793.83
B) $2,577.10
C) $2,602.29
D) $2,713.75
E) $2,775.67
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