Derek currently has $13,163.00 in an account that pays 5.00%. He will withdraw $5,246.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $13163.0 every other year beginning two years from today until he has made 6.0 deposits. Exactly 20 years from today, he will deposit $20,149.00. How much will be in the account 26.00 years from today?
Derek currently has $13,163.00 in an account that pays 5.00%. He will withdraw $5,246.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $13163.0 every other year beginning two years from today until he has made 6.0 deposits. Exactly 20 years from today, he will deposit $20,149.00. How much will be in the account 26.00 years from today?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Ee 305.
Transcribed Image Text:Derek currently has $13,163.00 in an account that pays 5.00%. He will
withdraw $5,246.00 every other year beginning next year until he has
taken 6.00 withdrawals. He will deposit $13163.0 every other year
beginning two years from today until he has made 6.0 deposits. Exactly
20 years from today, he will deposit $20,149.00. How much will be in the
account 26.00 years from today?
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Answer format: Currency: Round to: 2 decimal places.
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