-The time Value of Money
-Use of Gradient is expected
I need help with this problem.
You want to be able to withdraw $800 from a savings account at the end of year 1, $900 at the end of year 2, $1,000 at the end of year 3, and so on over a total of 5 years. How much must must be deposit right now, at the end of year 0, to just deplete the account after the 5 withdraws if the interest is 5% compounded annually?
the answer is 3718.80
this is how we start it out p=800(pa ,5%,5) 100(pg, 5%,5) p= 3718.80 but im not getting that i would greatly appreaciate the help
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