Question: If you could give step-by-step details about how to do this problem on a financial calculator that would be great! I know how to do it with the long formulas, but I cannot get the right answer no matter how many different combos of (N=, I/Y=, PV=, PMT=, FV=). Thank you!
1) If you deposit $4634 today in an investment account that earns 4% compounded annually, how much could you withdraw from the account in years 3 and 4 if each withdraw is the same size and you want to have $0 in the account after the last withdraw? Round your answer to the nearest dollar.
2) How much would you have to deposit in your savings account today in order to be able to withdraw $1301 each year for two years, starting six years from now? Your savings account earns 4.54% compounded annually. Round your answer to the nearest dollar.