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Karine and Arlo are trying to establish a University Fund for their daughter Amelia, who turns 2 today.
Karine and Arlo are trying to establish a University Fund for their daughter Amelia, who turns 2 today. They plan for Amelia to withdraw $13,000 on her 19th birthday and $14,000, $15,000 and $15,000 on her subsequent birthdays (20th, 21st and 22nd). They wish to deposit money into an account so that, with interest it will build up enough to make the planned withdrawals. They wish to make ten equal annual deposits, and they intend to make their first deposit two year from today, and expect to earn an average return of 8.55%pa on the account.
This is my question, and I need to create a schedule showing the cash inflows (including interest) and outflows of this fund.
My issue is after creating shcedule, I found the last C/B is $5(I mean after withdraw the last amount momey 15000, the C/B is 5), not $0, is that correct or wrong?
