1. Derek wants to withdraw $13,105.00 from his account 6.00 years from today and $12,140.00 from...

1. Derek wants to withdraw $13,105.00 from his account 6.00 years from today and $12,140.00 from his account 14.00 years from today. He currently has $3,215.00 in the account. How much must he deposit each year for the next 14.0 years? Assume a 6.63% interest rate. His account must equal zero by year 14.0 but may be negative prior to that.

Answer Format: Currency: Round to: 2 decimal places.

2. Derek currently has $14,133.00 in an account that pays 5.00%. He will withdraw $5,997.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $14133.0 every other year beginning two years from today until he has made 6.0 deposits. How much will be in the account 26.00 years from today?
Answer Format: Currency: Round to: 2 decimal places.

Expert Solution

Question 1
	year	OPENING	CASH FLOW	AMT	COMPUND RATE	CLOSING BAL
	1	3215	869.48	4084.48	1.10663	4,520.01
	2	4520.008	869.48	5389.488	1.10663	5,964.17
	3	5964.169	869.48	6833.649	1.10663	7,562.32
	4	7562.321	869.48	8431.801	1.10663	9,330.88
	5	9330.884	869.48	10200.36	1.10663	11,288.03
	6	11288.03	869.48	12157.51	1.10663	13,453.86
	6	13453.86	-13105	348.8642	1.10663	386.06
	7	386.0636	869.48	1255.544	1.10663	1,389.42
	8	1389.422	869.48	2258.902	1.10663	2,499.77
	9	2499.769	869.48	3369.249	1.10663	3,728.51
	10	3728.512	869.48	4597.992	1.10663	5,088.28
	11	5088.276	869.48	5957.756	1.10663	6,593.03
	12	6593.031	869.48	7462.511	1.10663	8,258.24
	13	8258.239	869.48	9127.719	1.10663	10,101.01
	14	10101.01	869.48	10970.49	1.10663	12,140.27
	14	12140.27	-12140	0.270754

Question 2
	year	OPENING	CASH inFLOW	CASH outFLOW	AMT	COMPUND RATE	CLOSING BAL
	1	14133			14133	1.05	14,839.65
	2	14839.65		-5997	8842.65	1.05	9,284.78
	3	9284.783	14133	-5997	17420.78	1.05	18,291.82
	4	18291.82	14133	-5997	26427.82	1.05	27,749.21
	5	27749.21	14133	-5997	35885.21	1.05	37,679.47
	6	37679.47	14133	-5997	45815.47	1.05	48,106.25
	7	48106.25	14133	-5997	56242.25	1.05	59,054.36
	8	59054.36	14133		73187.36	1.05	76,846.73
	9	76846.73			76846.73	1.05	80,689.06
	10	80689.06			80689.06	1.05	84,723.52
	11	84723.52			84723.52	1.05	88,959.69
	12	88959.69			88959.69	1.05	93,407.68
	13	93407.68			93407.68	1.05	98,078.06
	14	98078.06			98078.06	1.05	1,02,981.96
	15	102982			102982	1.05	1,08,131.06
	16	108131.1			108131.1	1.05	1,13,537.62
	17	113537.6			113537.6	1.05	1,19,214.50
	18	119214.5			119214.5	1.05	1,25,175.22
	19	125175.2			125175.2	1.05	1,31,433.98
	20	131434			131434	1.05	1,38,005.68
	21	138005.7			138005.7	1.05	1,44,905.97
	22	144906			144906	1.05	1,52,151.26
	23	152151.3			152151.3	1.05	1,59,758.83
	24	159758.8			159758.8	1.05	1,67,746.77
	25	167746.8			167746.8	1.05	1,76,134.11
	26	176134.1			176134.1	1.05	1,84,940.81

jeff jeffy answered 2 years ago

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