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You will need to withdraw the following amounts of money in the next several years: End of year 1: $5,000 End of years 2~4: $8,000
You will need to withdraw the following amounts of money in the next several years: End of year 1: $5,000 End of years 2~4: $8,000 End of the following year: $13,000 These amounts of money will be withdrawn from your checking account that pays you a 4.6% interest rate every year. How much should you deposit today, so that it's just enough to make the required future money withdrawals? (Increase decimal places for any intermediate calculations, from the default 2 to, for example, 6 or even higher. The more the better! Only round your final answer to TWO decimal places: for example, 1,000.23. Do NOT use "$" in your answer.)
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