How to deplete the account after the 5 withdraws

Reference no: EM13191084

You want to be able to withdraw $800 from a savings account at the end of year 1, $900 at the end of year 2, 1,000 at the end of year 3, and so on over a total of 5 years. How much must must be deposit right now, at the end of year o, to just deplete the account after the 5 withdraws if the interest is 5% compounded annually?

Reference no: EM13191084

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