Question

Derek currently has $14,710.00 in an account that pays 5.00%. He will withdraw $5,038.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $14710.0 every other year beginning two years from today until he has made 6.0 deposits. How much will be in the account 23.00 years from today?

*PLEASE SHOW FINANCE CALCULATOR INPUTS IF POSSIBLE*

Answer 1

Year	Beginning Balance	Withdrawal	Deposit	Total balance (Beginning balance -withdrawal + deposits)	Interest on total Balance (at 5%)	Ending balance [= Total balance + interest]
0	$14,710.00			$14,710.00	$735.50	$15,445.50
1	$15,445.50	$5,038.00		$10,407.50	$520.38	$10,927.88
2	$10,927.88		$14,710.00	$25,637.88	$1,281.89	$26,919.77
3	$26,919.77	$5,038.00		$21,881.77	$1,094.09	$22,975.86
4	$22,975.86		$14,710.00	$37,685.86	$1,884.29	$39,570.15
5	$39,570.15	$5,038.00		$34,532.15	$1,726.61	$36,258.76
6	$36,258.76		$14,710.00	$50,968.76	$2,548.44	$53,517.20
7	$53,517.20	$5,038.00		$48,479.20	$2,423.96	$50,903.16
8	$50,903.16		$14,710.00	$65,613.16	$3,280.66	$68,893.81
9	$68,893.81	$5,038.00		$63,855.81	$3,192.79	$67,048.60
10	$67,048.60		$14,710.00	$81,758.60	$4,087.93	$85,846.53
11	$85,846.53	$5,038.00		$80,808.53	$4,040.43	$84,848.96
12	$84,848.96		$14,710.00	$99,558.96	$4,977.95	$104,536.91
13	$104,536.91			$104,536.91	$5,226.85	$109,763.75
14	$109,763.75			$109,763.75	$5,488.19	$115,251.94
15	$115,251.94			$115,251.94	$5,762.60	$121,014.54
16	$121,014.54			$121,014.54	$6,050.73	$127,065.27
17	$127,065.27			$127,065.27	$6,353.26	$133,418.53
18	$133,418.53			$133,418.53	$6,670.93	$140,089.46
19	$140,089.46			$140,089.46	$7,004.47	$147,093.93
20	$147,093.93			$147,093.93	$7,354.70	$154,448.62
21	$154,448.62			$154,448.62	$7,722.43	$162,171.06
22	$162,171.06			$162,171.06	$8,108.55	$170,279.61
23	$170,279.61			$170,279.61	$8,513.98	$178,793.59

Therefore $178,793.59 will be in the account 23.00 years from today.