Someone wants to study environmental engineering in a European country for 8 years and wants to deposit an amount of money in one of the approved banks for the purpose of paying his annual study expenses, where it is planned that he will withdraw $2000 annually after one year from the date of deposit for a period of five consecutive years, and then withdraw $3000 annually for the remaining period of his studies. Calculate the amount required to be deposited for the purpose of covering the study expenses if you know that the interest rate is 8.5%
Someone wants to study environmental engineering in a European country for 8 years and wants to deposit an amount of money in one of the approved banks for the purpose of paying his annual study expenses, where it is planned that he will withdraw $2000 annually after one year from the date of deposit for a period of five consecutive years, and then withdraw $3000 annually for the remaining period of his studies. Calculate the amount required to be deposited for the purpose of covering the study expenses if you know that the interest rate is 8.5%
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter20: Engineering Economics
Section: Chapter Questions
Problem 10P
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Someone wants to study environmental engineering in a European country for 8 years and wants to deposit an amount of money in one of the approved banks for the purpose of paying his annual study expenses, where it is planned that he will withdraw $2000 annually after one year from the date of deposit for a period of five consecutive years, and then withdraw $3000 annually for the remaining period of his studies. Calculate the amount required to be deposited for the purpose of covering the study expenses if you know that the interest rate is 8.5%
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