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Paha777 [63]
2 years ago
13

How much money should be deposited annually in a bank account for five years if you wish to withdraw ​$3 comma 000 each year for

three​ years, beginning five years after the last​ deposit? The interest rate is 4​% per year.
Business
1 answer:
9966 [12]2 years ago
8 0

The amount to be deposited in the bank for five years is $1729.

The first step is to determine the present value of $3000.

Cash flow in year 1 - 4 = 0

Cash flow in year 5 - 7 = $300

I = 4%

PV calculated using a financial calculator = $7,116.48

The second step is to determine the future value of the present value calculated above

$7,116.48 x (1.04)^7 = $9,364.80

The third step is to determine the amount to be deposited each year for 5 years:

Amount = future value /annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

= [(1.04)^5 - 1] / 0.04 = 5.416323

Amount = $9,364.80/ 5.416323 = $1729

A similar question was solved here: brainly.com/question/24108530

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