Mr. and Mrs. Revilla decided to sell their house and to deposit the fund in a bank. After computing the interest, they found out that they may withdraw 350,000 yearly for 14 years starting at the end of 4 years when their child will be in college. How much is the fund deposited if the interest rate is 4% converted annually? Round off your answer in two decimal places.

Mr. and Mrs. Revilla decided to sell their house and to deposit the fund in a bank. After computing the interest, they found out that they may withdraw 350,000 yearly for 14 years starting at the end of 4 years when their child will be in college. How much is the fund deposited if the interest rate is 4% converted annually? Round off your answer in two decimal places.

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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