Estimate the money that must be deposited to the fund

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Reference no: EM131986618

A small company wishes to set up a fund that can be used for technology purchases over the next 6 years. Their forecast is for $20,000 to be needed at the end of year 1, decreasing by $2,000 each year thereafter.

The fund earns 7% per year. How much money must be deposited to the fund at the end of year 0 to just deplete the fund after the last withdrawal?

Reference no: EM131986618

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