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Account balance drops to zero

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Mark wants to withdraw $6,500 at the end of three years and $8,000 at the end of five years. He wants to do this in such a way that the account balance drops to zero after the last withdrawal. Assuming that the interest rate is 5%, how much money should Mark deposit today to ensure that his needs are met?

  • $6,268.21

  • $11,883.15

  • $5,614.94

  • $653.26

Reference no: EM131411834

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