Deposit at beginning of year and interest earned during year

Assignment Help Financial Management

Reference no: EM13723945

Interest 8%

Annual deposit 48,000.00

Annual retirement withdrawal 30,000.00

Year Account balance, beginning of year" "Deposit at beginning of year" "Interest earned during year" "Total in account, end year"

1 48,000.00

2 48,000.00

3 48,000.00

4 48,000.00

5 48,000.00

6 -30,000.00

7 -30,000.00

8 -30,000.00

9 -30,000.00

10 -30,000.00

11 -30,000.00

12 -30,000.00

13 -30,000.00

Note: This problem has 5 deposits and 8 annual withdrawals, all made at the beginning of the year. The beginning of year 13 is the last year of the retirement plan; if the annual deposit is correctly computed, the balance at the beginning of year 13 after the withdrawal should be zero.

Reference no: EM13723945

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