2. Derek wants to withdraw $13,179.00 from his account 8.00 years from today and $13,955.00...
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2. Derek wants to withdraw $13,179.00 from his account 8.00 years from today and $13,955.00 from his account 10.00 years from today. He currently has $2,504.00 in the account. How much must he deposit each year for the next 10.0 years? Assume a 6.24% interest rate. His account must equal zero by year 10.0 but may be negative prior to that.
3. Derek currently has $10,953.00 in an account that pays 6.00%. He will withdraw $5,667.00 every other year beginning next year until he has taken 6.00 withdrawals. He will deposit $10953.0 every other year beginning two years from today until he has made 6.0 deposits. How much will be in the account 24.00 years from today?
4. Derek can deposit $291.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 15.00% and compounds interest monthly. Derek can deposit $2,497.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years?
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