Math  /  Word Problems

QuestionHow much must Pete deposit to withdraw \$9,000 yearly for 3 years at 6% interest? Round PVA to 3 decimals, answer to nearest dollar.

Studdy Solution
Calculate the initial deposit amount.
Initialdeposit=$9,000times2.673=$24,057Initial\, deposit = \$9,000 \\times2.673 = \$24,057Note The initial deposit is rounded to the nearest whole dollar as per the problem statement.
ete needs to deposit $24,057 at the start of his studies.

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