How large must the deposit be, Finance Basics

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How large must the deposit be

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.

a) How large must the deposit be?

b) How much will be in the account immediately after you make the first withdrawal?

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Finance Basics: How large must the deposit be

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: How large must the deposit be

Reference No:- TGS0725234

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : What is the equity multiplier

Q : What magnetic field does the cable create

Q : Determine the temperature of the geothermal source

Q : How much do you need to have in your retirement

Q : How large must the deposit be

Q : Determine the heat transfer to the tank during the process

Q : What is the average net force that acts on the body

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Q : What is the present value of these payments

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: How large must the deposit be

Reference No:- TGS0725234

Recent Questions Asked Finance Basics

Q : What is the equity multiplier

Q : What magnetic field does the cable create

Q : Determine the temperature of the geothermal source

Q : How much do you need to have in your retirement

Q : How large must the deposit be

Q : Determine the heat transfer to the tank during the process

Q : What is the average net force that acts on the body

Q : P-value of the test statistic

Q : What is the present value of these payments

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