You Wish to Have $200,000 at the End of Twenty

question 216

Short Answer

You wish to have $200,000 at the end of twenty years. In the last five years, you withdraw $1,000 annually at a rate of 3.8% compounded quarterly. During the middle ten years, you contribute $500 monthly at a rate of 2.8% compounded semi-annually. Given this information, determine the initial deposit that has to be made at the start of the first five years at a rate of 4% compounded monthly.

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Definitions:

Slave Experience

The lived experiences, hardships, and enduring spirit of individuals who were subjected to the institution of slavery, highlighting their struggles and resilience.

British America

Territories in the Americas that were colonized by Britain, including parts of the United States, Canada, the Caribbean, and other regions, up until the 20th century.

African Religions

The diverse spiritual practices, beliefs, and traditions indigenous to the African continent, characterized by a rich tapestry of cultural expressions, ancestral worship, and community rituals.

Stono Rebellion

was a slave uprising in 1739 in South Carolina, one of the largest and most significant slave rebellions in the colonial United States.