How large must the deposit be

Assignment Help Finance Basics

Reference no: EM13255746

To complete your last year in business school and then go through law school, you will need $25,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $25,000 one year from today). Your rich uncle offers to put you through school, and he will deposit in a bank paying 5.99% interest a sum of money that is sufficient to provide the 4 payments of $25,000 each. His deposit will be made today.

How large must the deposit be? Round your answer to the nearest cent.

How much will be in the account immediately after you make the first withdrawal? Round your answer to the nearest cent.

Reference no: EM13255746

Questions Cloud

Define the incomplete removal of a recrystallization solvent : What effect would the incomplete drying of a sample (for example, the incomplete removal of a recrystallization solvent) have on the melting point

Summarize and critique john stuart mills utilitarianism : Summarize and critique John Stuart Mill's "Utilitarianism" in 2-3 pages

What is the possible range for a correlation coefficient : For purposes of diversification, what type of correlation coefficient among assets returns is preferred by investors? Provide a brief explanation.

What temperature does the vapor pressure compressed : A known vapor pressure value for ethanol is 221.3 mmhg. what temperature does this vapor pressure compressed to when compared to ethanol's boiling point.

How large must the deposit be : How much will be in the account immediately after you make the first withdrawal? Round your answer to the nearest cent.

Explain an equal quantity of pure acetanilide : What would happen to the melting point if this unknown were mixed with (a) an equal quantity of pure acetanilide. (b) an equal quantity of benzoic acid

Why to chose that number of elements for the object array : Provide a simple class definition and then provide the syntax and the rationale for declaring an array of objects of the class. Also explain the dimension of the array and why you chose that number of elements for the object array.

State the organic product of the reaction : predict the organic product of the following reaction CH2=C(CH3)2+ H-0-H with H2SO4?

What is the monthly payment going to be to buy house : You are planning to buy a $250,000 house and will take out a mortgage for 80% of the homes value. The term of your mortgage is 15 years and the interest rate is 4%, compounded monthly.

User Account

All Pages