How much money should be deposited annually in a bank account for five years if you wish to withdraw $5,000 each year for three years, beginning five years after the last deposit? The interest rate is 5% per year.

Annual deposit= $2,463.47

Explanation:

First, we need to calculate the amount required five years from now. To do it, we will determine the future value of the payments and then the preset value (in 5 years).

FV= {A*[(1+i)^n-1]}/i

A= annual payment

FV= {5,000*[(1.05^3) - 1]} / 0.05

FV= $15,762.5

PV= FV/(1+i)^n

PV= 15,762.5/1.05^3

PV= $13,612.24

You need to collect $13,612.24 in five years.

A= (FV*i)/{[(1+i)^n]-1}

A= annual deposit

A= (13,612.24*0.05) / [(1.05^5) - 1]

A= $2,463.47

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