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Determine the initial deposit

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You wish to have $200,000 at the end of twenty years. In the last five years, you withdraw $1,000 annually at a rate of 3.8% compounded quarterly. During the middle ten years, you contribute $500 monthly at a rate of 2.8% compounded semi-annually. Given this information, determine the initial deposit that has to be made at the start of the first five years at a rate of 4% compounded monthly.

The answer is $9,056.65. Please show detailed step-by-step explanations.

Note to tutors: DO NOT copy answers from other websites as many are wrong.

Reference no: EM132758722

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