How much money must Brock Spack have on deposit today at the Bridgeview Community Bank if...

Question

Question

How much money must Brock Spack have on deposit today at the Bridgeview Community Bank if he wants to be able to withdraw $5,

Answer 1

Answer #1


Annual withdrawals at the end of each year forever					5750
DivideL Interest rate					3.60%
Present value of withdrawls					159722.2
Add: Present value of witthdrawals today					5750
Amount to be deposited today					165472.2

Answer 2

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