You deposit $X in an account on your twenty-fifth, thirtieth, and thirty-fifth birthdays. The account pays 9
Question:
You deposit $X in an account on your twenty-fifth, thirtieth, and thirty-fifth birthdays. The account pays 9 percent.
You intend to withdraw your savings in 10 equal annual withdrawals on your forty-first, forty-second, . . . ,fiftieth birthdays, just depleting your account. After making the withdrawal on your forty-fifth birthday, you have ,801.60 left in the account. What is $X?
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Step by Step Answer:
To find the value of X we need to calculate the future value of the deposits made on the 25th 30th and 35th birthdays and then solve for X Given Account pays 9 percent interest Withdrawals start on th...View the full answer
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Related Book For 
Principles Of Engineering Economic Analysis
ISBN: 9781118163832
6th Edition
Authors: John A. White, Kenneth E. Case, David B. Pratt
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