You want to be able to withdraw $1,000 from a savings account at the end of year
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You want to be able to withdraw $1,000 from a savings account at the end of year 1, with withdrawals increasing by 10 percent each year thereafter over a total of 5 years. How much money must be on deposit right now, at the end of year 0, to just deplete the account after the five withdrawals if interest is 5 percent compounded annually?
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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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