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How much should deposit now in a bank account

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Reference no: EM132470710

You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $136 in the sixth month and increase your withdrawals by $16 over the previous month's withdrawal.

Question 1: How much should you deposit now in a bank account that pays 12% per year compounded monthly?

  • Enter the answer with two decimal places. Do not enter the dollar ($) symbol. eg. 1234.56

Hint: Determine m and k and use the decision tree to find how you must setup the cash flow equation. Remember to bring all the cash flows to the proper time period required to answer this question.

Reference no: EM132470710

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