How much should be invested on the sixty-third through sixty-fifth birthdays?

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03-06-2008, 12:58 PM

Devun p

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How much should be invested on the sixty-third through sixty-fifth birthdays?

A man is 62 years old. He wishes to invest equal amounts on his sixty-third, sixty-fourth, and sixty-fifth birthdays so that starting on his sixty-sixth birthday he can withdraw $5000 on each birthday for 10 years. His investments will earn 8% per year.

My teacher said you have to use present value and future value, but i dont know how to use the equations for this specific problem. Please Help!

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