How much do you have to deposit now a with second deposit in the amount of $700 at the end of the first year so that you will be able to withdraw $150 at the end of the second year through the fourth year, and $600 at the end of the fifth and sixth year, if the bank pavs you 4% annual interest on your balance ? Use the factor table please

How much do you have to deposit now a with second deposit in the amount of $700 at the end of the first year so that you will be able to withdraw $150 at the end of the second year through the fourth year, and $600 at the end of the fifth and sixth year, if the bank pavs you 4% annual interest on your balance ? Use the factor table please

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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How much do you have to deposit now with a second deposit in the amount of $700 at the end of the first year so that you will be able to withdraw $350 at the end of the second year through the fourth year, and $600 at the end of the fifth and sixth year, if the bank pays you 3% annual interest on your balance ? Draw cash flow diagram too
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