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Find how much will have to deposit now to meet goal

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Reference no: EM132713198

Problem 1: You just won the lottery! You wish to put away enough money so that you can withdraw $6,500 per month for 24 years. You can earn 11.1% rate on any funds you deposit. How much will you have to deposit now to meet your goal? (Note: Withdrawal frequency matches compounding frequency.)

A. $536,773
B. $771,203
C. $653,143
D. $480,100
E. $886,890
F. $829,659
G. $712,179
H. $594,551

Reference no: EM132713198

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