Question: please show formulas i would like to know how t properly work them. Thank you! Derek wants to withdraw $14,752.00 from his account 6.00 years
Derek wants to withdraw $14,752.00 from his account 6.00 years from today and $12,751.00 from his account 12.00 years from today. He currently has $2,865.00 in the account. How much must he deposit each year for the next 12.0 years? Assume a 5.24% interest rate. His account must equal zero by year 12.0 but may be negative prior to that. Answer format: Currency: Round to: 2 decimal places, Derek currently has $12,347.00 in an account that pays 5.00%. He will withdraw $5,080.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $12347.0 every other year beginning two years from today until he has made 6.0 deposits. How much will be in the account 27.00 years from today? Answer format: Currency: Round to: 2 decimal places. Derek can deposit $225.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12.00\% and compounds interest monthly. Derek can deposit \$2,521.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%,% sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
