REQUIRED LUMP SUM PAYMENT Starting next year, you will need $5,000 annually for 4 years to...
REQUIRED LUMP SUM PAYMENT
Starting next year, you will need $5,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $5,000.) Your uncle deposits an amount today in a bank paying 5% annual interest, which will provide the needed $5,000 payments.
How large must the deposit be? Round your answer to the nearest
cent.
$
How much will be in the account immediately after you make the
first withdrawal? Round your answer to the nearest cent.
$
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REQUIRED LUMP SUM PAYMENT
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