Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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UNIT 7-14

(Present value of complex cash flows) How much do you have to deposit today so that beginning 11 years from now you can withdraw $11,000 a year for the next 5 years (periods 11 through 15) plus an additional amount of $22,000 in the last year (period
15)? Assume an interest rate of 8 percent.
The amount of money you have to deposit today is $
(Round to the nearest cent.)
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Transcribed Image Text:(Present value of complex cash flows) How much do you have to deposit today so that beginning 11 years from now you can withdraw $11,000 a year for the next 5 years (periods 11 through 15) plus an additional amount of $22,000 in the last year (period 15)? Assume an interest rate of 8 percent. The amount of money you have to deposit today is $ (Round to the nearest cent.)
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