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Derek wants to withdraw S14,308. years from today. He currently has $2,724.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 6.53% interest rate. His account must equal zero by year 14.0 but may be negative prior to that

Derek wants to withdraw S14,308. years from today. He currently has $2,724.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 6.53% interest rate. His account must equal zero by year 14.0 but may be negative prior to that

Essentials Of Investments
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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Derek wants to withdraw $14,308.00 from his account 6.00 years from today and $12,788.00 from his account 14.00 years from today. He currently has $2,724.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 6.53% interest rate. His account must equal zero by year 14.0 but may be negative prior to that gubmit Answer format: Currency Round to: 2 decimal places
Transcribed Image Text:Derek wants to withdraw $14,308.00 from his account 6.00 years from today and $12,788.00 from his account 14.00 years from today. He currently has $2,724.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 6.53% interest rate. His account must equal zero by year 14.0 but may be negative prior to that gubmit Answer format: Currency Round to: 2 decimal places
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