How much do you have to deposit today so that beginning 11 years from now you can withdraw ​$   15,000 a year for the next   4 years​ (periods 11 through   14​) plus an additional amount of ​$   30,000 in the last year​ (period   14​)?  Assume an interest rate of   5 percent.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...
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How much do you have to deposit today so that beginning 11 years from now you can withdraw ​$

 

15,000 a year for the next

 

4 years​ (periods 11 through

 

14​) plus an additional amount of ​$

 

30,000 in the last year​ (period

 

14​)?  Assume an interest rate of

 

5 percent.

 

 

 

 

 

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Part 1

The amount of money you have to deposit today is ​$

 

enter your response here

.  ​(Round to the nearest​ cent.)

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