A series of 10 end-of-year deposits is made that begins with$6,000 at the end of...

A series of 10 end-of-year deposits is made that begins with $6,000 at the end of year 1 and decreases at the rate of $300 per year with 11% interest.

What amount could be withdrawn at t = 10? $

Expert Solution

Amount that could be withdrawn = Future values of deposits.

FV = CF ( 1 +r )^n

r = Int rate

n = Bal Years

Year	Bal Yrs	Deposit	FVF @11%	FV of CFs
1	9	$ 6,000.00	2.5580	$ 15,348.22
2	8	$ 5,700.00	2.3045	$ 13,135.87
3	7	$ 5,400.00	2.0762	$ 11,211.26
4	6	$ 5,100.00	1.8704	$ 9,539.11
5	5	$ 4,800.00	1.6851	$ 8,088.28
6	4	$ 4,500.00	1.5181	$ 6,831.32
7	3	$ 4,200.00	1.3676	$ 5,744.05
8	2	$ 3,900.00	1.2321	$ 4,805.19
9	1	$ 3,600.00	1.1100	$ 3,996.00
10	0	$ 3,300.00	1.0000	$ 3,300.00
Amount can be drawn after 10 Years				$ 81,999.30

Amount that can be with drawn after 10 Years is $ 81999.30

jeff jeffy answered 2 years ago

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