Please use excel and show the excel formulas in detail. Alice wants to deposit $35,000 now...

Please use excel and show the excel formulas in detail.

Alice wants to deposit $35,000 now $45,000 at the end of 6 years at a bank that pays 10% interest compounded semiannually. She wants to withdraw an amount every year for the first 6 years and to withdraw exactly $1000 more for the following four years. What is the maximum amount she could withdraw in year 1?

Expert Solution

The maximum amount which can be withdrawn in the first six years = 8,095.22

Solved using Excel Solver:

Note: There is no condition that at the end of 10 years, the balance has to be zero, so balance is only minimized.

jeff jeffy answered 6 months ago

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