How large must the deposit be

Reference no: EM13302043

You need $20,000 annually for 4 years to complete your education, starting next year. (You would withdraw the first $20,000 one year from today.) Your uncle will deposit an amount today in a bank paying 6% annual interest, which would provide the needed $20,000 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: EM13302043

Questions Cloud

What is the smallest distance between two points : If the operators of a spy satellite pondered using it to photograph license plate numbers. what is the smallest distance between two points that it can resolve

Determine what is the rovers weight on the surface of mars : When the Mars Exploration Rover was fully assembled, its mass was 180 kg. The acceleration due to gravity at the surface of Mars is 3.68 m/s2. a) What was the rover's weight when it was at sea level on Earth

Develop a diet specifically tailored to that stage of life : Develop a diet specifically tailored to that stage of life (make sure to include all of the macronutrients [percentages of carbs, fats, and protein]), and explain the rationale.

Find how far away from the subject was the reporter standing : A movie star catches a reporter shooting pictures of her at home. She claims the reporter was trespassing and to prove her point, How far away from the subject was the reporter standing

How large must the deposit be : You need $20,000 annually for 4 years to complete your education, starting next year.

Explain what is the decomposition of n2o5(g) : For the reaction 2N2O5(g) yields 4NO(g)+ O2(g) what is the decomposition of N2O5(g)

What is the weight of the c-clamp at sea level in newtons : The C-clamp weighs 14 oz at sea level. [16 oz (ounces) = 1lb.] The acceleration due to gravity at sea level is g = 32.2 ft/s2. a) What is the mass of the C-clamp in slugs b) What is the weight of the C-clamp at sea level in Newtons

What is the exercise value of the call option : A call option on the stock of Bedrock Bolders has a market price of $7. the stock sells for $30 a share, and the option has a strike price of $25 a share. What is the exercise value of the call option? What is the option's time value?

Determine the overall length of the telescope : What is the magnification of an astronomical telescope whose objective lens has a focal length of 77 cm, What is the overall length of the telescope when adjusted for a relaxed eye

User Account

All Pages