Calculating the Present Value of a Series
Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $15000 available each year for various school and living expenses. If he earns 4 percent on his money,
Required:
How much must be deposited at the start of his studies to be able to withdraw $15000 a year for 3 years? Please describe in detail and provide step by step solution.