Question

Derek currently has $10,925.00 in an account that pays 6.00%. He will withdraw $5,856.00 every other year beginning next year until he has taken 7.00 withdrawals. He will deposit $10925.0 every other year beginning two years from today until he has made 7.0 deposits. How much will be in the account 30.00 years from today?

Please show steps with financial calculator if possible, if not just the answer is fine

Answer #1

Amount with Derek = 10,925

PV of account after 7 withdrawal on odd years and deposits on even
years =
10,925-5,856.00/(1+6%)-5,856.00/(1+6%)^{3}-5,856.00/(1+6%)^{5}
-5,856.00/(1+6%)^{7} -5,856.00/(1+6%)^{9}
-5,856.00/(1+6%)^{11} - 5,856.00/(1+6%)^{13}

+10925/(1+6%)^{2} + 10925/(1+6%)^{4} +
10925/(1+6%)^{6} + 10925/(1+6%)^{8} +
10925/(1+6%)^{10} + 10925/(1+6%)^{12} +
10925/(1+6%)^{14} = 32211.60

FV of this amount after 30 years =32211.60*(1+6%)^{30} =
185,007.02

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Best of Luck. God Bless

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