Now, it is April. Lisa has to withdraw $1,000,000 per quarter for four years from this...
Now, it is April. Lisa has to withdraw $1,000,000 per quarter for four years from this July to pay her tuition. If the account pays 0.5% interest per quarter, how much should she put into the account now?
Please help fill in the below.
Condition
Rate: ?
Payment ??? $/quarte
Nper: ??? / quarters
-----------------
PV in July
PV in April
Homework Answers
Quarter Withdrawal, PMT = $1,000,000
Time Period, N = 16 quarters
Interest Rate, I = 0.005
Future Value, FV = 0
Calculating Present Value,
Using TVM Calculation,
PV =[FV= 0, PMT = 1,000,000, N = 16, I = 0.005]
PV = $15,339,925.02
So,
Deposit Required = $15,339,925.02
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