Question

Derek currently has $11,546.00 in an account that pays 4.00%. He will withdraw $5,196.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $11546.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 23.00 years from today?

PLEASE SHOW THE STEP HOW TO SOLVE THE QUESTION

Answer 1

Answer:
Derek Currently has 11546 in his account at an interest rate of 4%.
Derek will withdraw 5196 every other year beginning from next year, so Derek will withdraw 5196 at the beginning of year-2
Derek will deposit 11546 every other year beginning from two years from now, so Derek will deposit 11546 at the beginning of year-3
Derek will make the deposit and withdrawals 7 times during the period thereafter no deposits & withdrawls will be there
Year	Balance at the beginning of the period (A)	Deposit at the beginning of the year( B )	Withdrawl at the beginning of the year( C )	Balance available for investment (D)= (A+B-C)	Interest @ 4% (D*4%) (E)	Balance at the end of the period (D-E)
1	11,546	-	-	11,546	462	12,008
2	12,008	-	5,196	6,812	272	7,084
3	7,084	11,546	-	18,630	745	19,376
4	19,376	-	5,196	14,180	567	14,747
5	14,747	11,546	-	26,293	1,052	27,344
6	27,344	-	5,196	22,148	886	23,034
7	23,034	11,546	-	34,580	1,383	35,964
8	35,964	-	5,196	30,768	1,231	31,998
9	31,998	11,546	-	43,544	1,742	45,286
10	45,286	-	5,196	40,090	1,604	41,694
11	41,694	11,546	-	53,240	2,130	55,369
12	55,369	-	5,196	50,173	2,007	52,180
13	52,180	11,546	-	63,726	2,549	66,275
14	66,275	-	5,196	61,079	2,443	63,522
15	63,522	11,546	-	75,068	3,003	78,071
16	78,071	-	-	78,071	3,123	81,194
17	81,194	-	-	81,194	3,248	84,442
18	84,442	-	-	84,442	3,378	87,819
19	87,819	-	-	87,819	3,513	91,332
20	91,332	-	-	91,332	3,653	94,985
21	94,985	-	-	94,985	3,799	98,785						jeff jeffy Next > < Previous Related Solutions Derek currently has $10,109.00 in an account that pays 4.00%. He will withdraw $5,509.00 every other... Derek currently has $10,109.00 in an account that pays 4.00%. He will withdraw $5,509.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $10109.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 29.00 years from today? Derek currently has $14,368.00 in an account that pays 4.00%. He will withdraw $5,867.00 every other... 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. 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