Question

You open a saving account that pays a nominal annual interest of 12% which compounds monthly. In this account, you will make equal deposits during the 0, 2, and 4th month. Starting the 6th month, you are planning to withdraw $ 150 for four consecutive months. How much do you need to deposit in order to have $ 45 after the fourth withdrawal of money?

NOTE: This is for my ChemE Numerical Methods class and the Accounting folks can't seem to help me.

Answer #1

You decide to open a retirement account at your local bank that
pays 9%/year/month (9% per year compounded monthly). For the next
20 years, you will deposit $600 per month into the account, with
all deposits and withdrawals occurring at month’s end. On the day
of the last deposit, you will retire. Your expenses during the
first year of retirement will be covered by your company’s
retirement plan. As such, your first withdrawal from your
retirement account will occur on...

Question 1 You decide to open a retirement account at your local
bank that pays 7%/year/month (7% per year compounded monthly). For
the next 20 years, you will deposit $400 per month into the
account, with all deposits and withdrawals occurring at month’s
end. On the day of the last deposit, you will retire. Your expenses
during the first year of retirement will be covered by your
company’s retirement plan. As such, your first withdrawal from your
retirement account will...

1. Today you deposited $15,000 into a 5-year CD that will pay 6
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years? Round to the nearest cent. Do not include any unit (If your
answer is $111.11, then type 111.11 without $ sign.)
2. You have a retirement account that earns 5 percent annual
interest with the total account balance of $400,000. How much a
year can you withdraw for next 20 years if your first...

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