How large must the deposit be

Reference no: EM13298700

Starting next year, you will need $10,000 annually for 4 years to complete your education. ( one year from today you will withdraw the first $10,000.) Your uncle deposits an amount today in a ban paying 5% annual interest, which will provide the need $10,000 payments.

a. How large must the deposit be?

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

Reference no: EM13298700

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