An engineering consultant wants to withdraw $32,000 per year for each of the next 12 years to purchase hardware and software upgrades. How much money must the consultant deposit initially in an account that earns 6% interest, compounded annually?

An engineering consultant wants to withdraw $32,000 per year for each of the next 12 years to purchase hardware and software upgrades. How much money must the consultant deposit initially in an account that earns 6% interest, compounded annually?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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