Question

Derek currently has $14,222.00 in an account that pays 6.00%. He will withdraw $5,045.00 every other year beginning next year until he has taken 5.00 withdrawals. He will deposit $14222.0 every other year beginning two years from today until he has made 5.0 deposits. How much will be in the account 22.00 years from today?

Answer #1

PV of amount = 14,220

Rate = 6%

FV of amount = 14,220*(1+6%)^{22} = 51242.20

FV of All 5 withdrawals = 5045*(1+6%)^{2}^{1} +
5045*(1+6%)^{19} + 5045*(1+6%)^{17} +
5045*(1+6%)^{15} + 5045*(1+6%)^{13} =
68851.25

FV of All 5 deposits = 5045*(1+6%)^{2}^{0} +
5045*(1+6%)^{18} + 5045*(1+6%)^{16} +
5045*(1+6%)^{14} + 5045*(1+6%)^{12} =
64954.01

Amount in account 22 years from today = 51242.20 - 68851.25
+ 64954.01 = 47344.96

Please Discuss in case of Doubt

Best of Luck. God Bless

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