Derek wants to withdraw $11,447.00 from his account 4.00 years from today and $13,373,00 from...

70.2K

Verified Solution

Question

Accounting

image
Derek wants to withdraw $11,447.00 from his account 4.00 years from today and $13,373,00 from his account 11,00 years from today. He currently has $2,581.00 in the account. How much must he deposit each year for the next 11.0 years? Assume a 5.38% interest rate. His account must equal zero by year 11.0 but may be negative prior to that. Answer format: Currency: Round to: 2 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students