Question: Required Lump Sum Payment Starting next year, you will need $10,000 annually for 4 years to complete your education. (One year from today you will

Required Lump Sum Payment Starting next year, you will need $10,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $10,000.) Your uncle deposits an amount today in a bank paying 5% annual interest, which will provide the needed $10,000 payments. (Draw a timeline to visualize the problem)

How large must the deposit be?
How much will be in the account immediately after you make the first withdrawal?

PLEASE SHOW TIMELINE AND ALL WORK

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