You invest $X today, withdraw $1,000 in 4 years, deposit $3,000 in 5 years, and withdraw the entire sum of $8,700 2 years after the last deposit to zero out the account. What was the amount, $X, that you invested? Interest is 4%.

You invest $X today, withdraw $1,000 in 4 years, deposit $3,000 in 5 years, and withdraw the entire sum of $8,700 2 years after the last deposit to zero out the account. What was the amount, $X, that you invested? Interest is 4%.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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solve manually
You invest $X today, withdraw $1,000 in 4
years, deposit $3,000 in 5 years, and
withdraw the entire sum of $8,700 2 years
after the last deposit to zero out the account.
What was the amount, $X, that you invested?
Interest is 4%.

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