Required lump-sum payment to complete your last year in


Required Lump-Sum Payment To complete your last year in business school and then go through law school, you will need $15,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $15,000 one year from today). Your uncle offers to put you through school, and he will deposit in a bank paying 6.7% interest a sum of money that is sufficient to provide the 4 payments of $15,000 each. His deposit will be made today. How large must the deposit be? Round your answer to the nearest cent. $ How much will be in the account immediately after you make the first withdrawal? Round your answer to the nearest cent. $ How much will be in the account immediately after you make the last withdrawal? Round your answer to the nearest cent. Enter "0" if required $

Request for Solution File

Ask an Expert for Answer!!
Financial Management: Required lump-sum payment to complete your last year in
Reference No:- TGS01416325

Expected delivery within 24 Hours