Derek currently has $11,872.00 in an account that pays 4.00%. He will withdraw $5,149.00 every other...

Derek currently has $11,872.00 in an account that pays 4.00%. He will withdraw $5,149.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $11872.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 30.00 years from today?

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

Solutions

Expert Solution

The excel sheet below gives the account balance after 30 years.

All the working has been shown in the formula sheet. If you still have any query kindly ask in the comment section.

The account balance would be $159,240.26

The formula used are:

Note: Give it a thumbs up if it helps! Thanks in advance!

jeff jeffy answered 1 year ago

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