Solved: Mark wants to withdraw 6500 at the end of three years and, Finance Basics

Mark wants to withdraw 6500 at the end of three years and

Mark wants to withdraw $6,500 at the end of three years and $8,000 at the end of five years. He wants to do this in such a way that the account balance drops to zero after the last withdrawal. Assuming that the interest rate is 5%, how much money should Mark deposit today to ensure that his needs are met?

$6,268.21
$11,883.15
$5,614.94
$653.26

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Finance Basics: Mark wants to withdraw 6500 at the end of three years and

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