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What will be the value of each of those disbursements

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Question - You initially put $5,000 into the bank at 4% annual interest rate. Each year you put in an additional $2000. After 20 years of doing this, you start taking out bank disbursements (basically payments *from* the bank) to pay for college. If you will take out 4 equally spaced disbursements to pay for 4 years of college and the final value of the college loan will be 0 after taking those 4 disbursements, what will be the value of each of those 4 disbursements?

Reference no: EM133091341

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