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Suppose you deposit $10,000 today, and plan to deposit $10,000 annually at the end of each of the next 9 years for a total of 10 deposits.
Suppose you deposit $10,000 today, and plan to deposit $10,000 annually at the end of each of the next 9 years for a total of 10 deposits. (The last deposit is made at the end of Year 9 and no deposit is made in Year 10.) You expect to earn 11% interest compounded annually over this accumulation period. You then plan to withdraw the funds quarterly over the following 10 years (first withdrawal at the end of March of Year 11). You expect the annual interest rate over those 10 years to be 9%. Demonstrate that your total withdrawals, to the nearest dollar, will amount to $283,451.
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