Determine the initial deposit

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You wish to have $200,000 at the end of 20 years. In the last five years, you withdraw $1000 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%.

Reference no: EM132487793

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