Required Lump-Sum Payment To complete your last year in business school and then go through law school, you...

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Required Lump-SumPayment
To complete your lastyear in business school and then go through law school, you willneed $20,000 per year for 4 years, starting next year (that is, youwill need to withdraw the first $20,000 one year from today). Youruncle offers to put you through school, and he will deposit in abank paying 8.4% interest a sum of money that is sufficient toprovide the 4 payments of $20,000 each. His deposit will be madetoday.
How large must the deposit be?Round your answer to the nearest cent.

How much will be in theaccount immediately after you make the first withdrawal? Round youranswer to the nearest cent.

How much will be in the account immediately after you make the lastwithdrawal? Round your answer to the nearest cent. Enter "0" ifrequired

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How large must the deposit be The value of deposit will be equal to the sum of present value of all future payments Present value can be calculated by See Answer

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Required Lump-SumPaymentTo complete your lastyear in business school and then go through law school, you willneed $20,000 per year for 4 years, starting next year (that is, youwill need to withdraw the first $20,000 one year from today). Youruncle offers to put you through school, and he will deposit in abank paying 8.4% interest a sum of money that is sufficient toprovide the 4 payments of $20,000 each. His deposit will be madetoday.How large must the deposit be?Round your answer to the nearest cent.How much will be in theaccount immediately after you make the first withdrawal? Round youranswer to the nearest cent.How much will be in the account immediately after you make the lastwithdrawal? Round your answer to the nearest cent. Enter "0" ifrequired