You want to withdraw $ 21,769 from your account at the end of one year and $ 34,587 at the end of the second year. How much should you deposit in your account today so that you can make these withdrawals? Your account pays 7 percent p.a. (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85).

You want to withdraw $ 21,769 from your account at the end of one year and $ 34,587 at the end of the second year. How much should you deposit in your account today so that you can make these withdrawals? Your account pays 7 percent p.a. (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85).

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 21E

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