A series of 10 end-of-year deposits is made that begins with $9,000 at the end of...

A series of 10 end-of-year deposits is made that begins with $9,000 at the end of year 1 and decreases at the rate of $300 per year with 8% interest.

What amount could be withdrawn at t = 10? Type your answer here Round entry to the nearest dollar. Tolerance is ±4. Do it by hand and show your work please.

Expert Solution

$113,554 could be withdrawn at t = 10.

all the deposits are made at the end of year. so, first deposit in year 1 and last deposit in year 10 will not receive any interest.

Year	Beginning balance	Reduction	Deposit	Interest	Ending balance
1	$0	$0	$9,000	$0	$9,000
2	$9,000	$300	$8,700	$720	$18,420
3	$18,420	$300	$8,400	$1,474	$28,294
4	$28,294	$300	$8,100	$2,263	$38,657
5	$38,657	$300	$7,800	$3,093	$49,550
6	$49,550	$300	$7,500	$3,964	$61,014
7	$61,014	$300	$7,200	$4,881	$73,095
8	$73,095	$300	$6,900	$5,848	$85,842
9	$85,842	$300	$6,600	$6,867	$99,310
10	$99,310	$300	$6,300	$7,945	$113,554

Calculation

jeff jeffy answered 2 years ago

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