Question: You'll be leaving for your study abroad program soon. While there, you will need to be able to withdraw the following amounts of money at
You'll be leaving for your study abroad program soon. While there, you will need to be able to withdraw the following amounts of money at the beginning of each respective year Beginning of year 1 (or today): $7,000 Beginning of year 2 (or 1 year from today): $10,000 Beginning of year 3 (or 2 years from today): $11,000 These amounts of money will be withdrawn from your savings account that pays you a 3% interest rate every year. How much should you deposit today, so that it's just enough to make the required three money withdrawals? (Increase decimal places for any intermediate calculations, from the default 2 to, for example, or even higher. The more the better Only round your finalwer to TWO decimal places: for example, 1,000 23. DO NOT Use "S* in your answer.) Question 2012 Click Submit to complete this as Close Window Save and submit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
