How much do you have to deposit now with a second deposit in the amount of $700 at the end of the first year so that you will be able to withdraw $350 at the end of the second year through the fourth year, and $600 at the end of the fifth and sixth year, if the bank pays you 3% annual interest on your balance ? Draw cash flow diagram too

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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How much do you have to deposit now with a second deposit in the amount of $700 at the end of the first year so that you will be able to withdraw $350 at the end of the second year through the fourth year, and $600 at the end of the fifth and sixth year, if the bank pays you 3% annual interest on your balance ? Draw cash flow diagram too
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