27. Starting next year, you will need $15,000 annually for 4 years to complete your education....
27. Starting next year, you will need $15,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $15,000.) Your uncle deposits an amount today in a bank paying 8% annual interest, which will provide the needed $15,000 payments.
How large must the deposit be? Do not round intermediate calculations. Round your answer to the nearest cent. $
How much will be in the account immediately after you make the first withdrawal? Do not round intermediate calculations. Round your answer to the nearest cent. $
Homework Answers
![Deposit today Px[1-(1:(1+r)^n)]=r Here, 8% 1 A Interest rate per annum B Number of years c Number of compoundings per per ann](http://img.homeworklib.com/questions/bea54420-74e7-11ea-ac85-8d4743e6027a.png?x-oss-process=image/resize,w_560)
After 1 year:
![Deposit today Px[1-(1:(1+r)^n)]=r Here, 8% 3 A Interest rate per annum B Number of years CNumber of compoundings per per annu](http://img.homeworklib.com/questions/bf077d10-74e7-11ea-80db-6d78439a8aee.png?x-oss-process=image/resize,w_560)
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