A woman plans to withdraw $1800 18-months from now, and $2400 36-months from now. How much...
A woman plans to withdraw $1800 18-months from now, and $2400 36-months from now. How much does she need to deposit today if the interest rate is j12 = 12% for the first 2 years and j12 = 6% thereafter?
The answer is 3285.18
Homework Answers
(x*(1+12%/12)^18-1800)*(1+12%/12)^6*(1+6%/12)^12=2400
=>x=(2400/(1+6%/12)^12*1/(1+12%/12)^6+1800)/(1+12%/12)^18
=>x=3285.181743
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