Reference no: EM131955487

1. Gulliver would like to save some money to finance his future travel destinations. He initially deposits $2,000 into an account that pays interest at 6% per year. He then proceeds to increase this deposit by 5% per year for the next six years. Eight years from now, Gulliver has some emergency minor surgery which costs $2,000. He decides to withdraw $2,000 from his travel fund to pay for the surgery. Ten years from now, he is able to deposit $3,500 into the account to help offset the cost of the emergency surgery. Thirteen years from now, Gulliver would like to begin taking vacations each summer. Gulliver estimates that his travel plans will cost him about $4,000 each year. How long to the nearest hundredth of a year, can Gulliver withdraw money from the account until it is depleted? Show all of your work.