You plan to make a series of deposits in an individual retirement account. You will deposit $1,000 today, $2,000 in two years, and $2,000 in five years. If you withdraw $1,500 in three years and $1,000 in seven years, assuming no withdrawal penalties and all deposits and withdrawals are done at the start of specific year, how much will you have after eight years if the interest rate is 7 percent?
You plan to make a series of deposits in an individual retirement account. You will deposit $1,000 today, $2,000 in two years, and $2,000 in five years. If you withdraw $1,500 in three years and $1,000 in seven years, assuming no withdrawal penalties and all deposits and withdrawals are done at the start of specific year, how much will you have after eight years if the interest rate is 7 percent?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 32P
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