How much will be in account immediately after you make

Reference no: EM13475653

To complete your last year in business school and then go through law school, you will need $15,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $15,000 one year from today). Your uncle offers to put you through school, and he will deposit in a bank paying 3.7% interest a sum of money that is sufficient to provide the 4 payments of $15,000 each. His deposit will be made today.

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

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

Reference no: EM13475653

Questions Cloud

Describe your personal relationship to literature and to : describe your personal relationship to literature and to reading. begin by considering the meaning of literature. what

Ssocial welfare functionocial welfare function what do you : what do you mean by a social welfare function? if you assume that such a function exists what properties of social

Explain how these examples demonstrate each literary : choose at least four of these terms to discuss in your post. then find examples of these concepts in the readings from

How much should he save during each of next 10 years with : assume that your father is now 50 years old that he plans to retire in 10 years and that he expects to live for 25

How much will be in account immediately after you make : to complete your last year in business school and then go through law school you will need 15000 per year for 4 years

Set up the amortization schedule for 10000 loan to be : a. set up an amortization schedule for a 10000 loan to be repaid in equal installments at the end of each of the next 5

Buffalo wild wings bww has experience rapid and at times : buffalo wild wings competing for the futurebuffalo wild wings bww has experience rapid and at times explosive growth

Determine the present values of the given cash flow streams : find the present values of the following cash flow streams. the appropriate interest rate is 11. round your answers to

How does point of view shape your reading of the work in : the role of symbols in conveying literary themes. themes are abundant in literary works though they are at some times

User Account

All Pages