4-24 To complete your last year in business school and then go through law school, you will need $10,000 per year for 4 years, starting next year (that is , you will need to withdraw the first $10,000 one year from today). Your rich uncle offers to put you through school, and he will deposit in a bank paying 7% intrest a sum of money that is sufficient to provide the 4 paymenyts of $10,000 each. His deposit will be made today. 1. How much must the deposit be? 2. How much will be in the account immediately after you make the first withdraw? 3. After the last withdrawal?
Paper#11891 | Written in 18-Jul-2015Price : $25