Question: (Present value of complex cash flows)How much do you have to deposit today so that beginning 11 years from now you can withdraw $7,000 a

(Present value of complex cash flows)How much do you have to deposit today so that beginning 11 years from now you can withdraw

$7,000

a year for the next

7

years (periods 11 through

17)

plus an additional amount of

$14,000

in the last year (period

17)?

Assume an interest rate of

5

percent.

Question content area bottom

Part 1

The amount of money you have to deposit today is

$enter your response here.

(Round to the nearest cent.)

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