Question

Derek currently has $14,368.00 in an account that pays 4.00%. He will withdraw $5,867.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $14368.0 every other year beginning two years from today until he has made 6.0 deposits. How much will be in the account 24.00 years from today? round to 2 decimals

Answer 1

Answer:

Year	Amounts	FVAF	FV	Years remaining
0	$ 14,368.00	2.563304165	$   36,829.55	24
1	$ (5,867.00)	2.464715543	$ (14,460.49)	23
2	$ 14,368.00	2.369918792	$   34,050.99	22
3	$ (5,867.00)	2.278768069	$ (13,369.53)	21
4	$ 14,368.00	2.191123143	$   31,482.06	20
5	$ (5,867.00)	2.106849176	$ (12,360.88)	19
6	$ 14,368.00	2.025816515	$   29,106.93	18
7	$ (5,867.00)	1.947900496	$ (11,428.33)	17
8	$ 14,368.00	1.872981246	$   26,910.99	16
9	$ (5,867.00)	1.800943506	$ (10,566.14)	15
10	$ 14,368.00	1.731676448	$   24,880.73	14
11	$ (5,867.00)	1.665073507	$    (9,768.99)	13
12	$ 14,368.00	1.601032219	$   23,003.63	12
13		1.539454056	$                 -	11
14		1.480244285	$                 -	10
15		1.423311812	$                 -	9
16		1.36856905	$                 -	8
17		1.315931779	$                 -	7
18		1.265319018	$                 -	6
19		1.216652902	$                 -	5
20		1.16985856	$                 -	4
21		1.124864	$                 -	3
22		1.0816	$                 -	2
23		1.04	$                 -	1
24		1	$                 -	0
			$ 134,310.53

Calculations:

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