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How large must the deposit be

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Problem - To complete your last year in business school and then go through law school, you will need $10,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $10,000 one year from today). Your uncle offers to put you through school, and he will deposit in a bank paying 7% interest a sum of money that is sufficient to provide the four payments of $10,000 each. His deposit will be made today.

Required -

a. How large must the deposit be?

b. How much will be in the account immediately after you make the first withdrawal? After the last withdrawal?

Reference no: EM132735848

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