Deplete the fund after the last withdrawal

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Reference no: EM13849018

A small company wishes to set up a fund that can be used for technology purchases over the next 6 years. Their forecast is for $18,000 to be needed at the end of year 1, decreasing by $2,000 each year thereafter. The fund earns 9% per year. How much money must be deposited to the fund at the end of year 0 to just deplete the fund after the last withdrawal?

Reference no: EM13849018

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