Question

On January 1, 1985, a graduate student developed a financial plan which would provide enough money at the end of his graduate work (January 1, 1990) to open a business of his own. His plan was to deposit $8,000 per year, starting immediately, into an account paying 10% compounded annually. His activities proceeded according to plan except that at the end of his third year he withdrew $5,000 to take a Caribbean cruise, at the end of the fourth year he withdrew $5,000 to buy a used Camaro, and at the end of the fifth year he had to withdraw $5,000 to pay to have his dissertation typed. His account, at the end of the fifth year, will be less than the amount he had originally planned on by how much?

Answer 1

Answer:

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