Deplete the fund after the last withdrawal

Reference no: EM13684342

A small company wishes to set up a fund that can be utilized for technology purchases over the next six years. Their forecast is for $16,000 to be required at the end of year 1, decreasing by $2,000 each year thereafter. The fund earns 6 percent per year. How much money should be deposited to the fund at the end of year 0 to just deplete the fund after the last withdrawal?

Reference no: EM13684342

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