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 $16,000 to be needed at the end of year 1, decreasing by $2,000 each year thereafter. The fund earns 6% 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

$55,758.47

Explanation:

Money which must be deposited to the fund at the end of year 0:

= 16000/1.06 + 14000/1.06^2 + 12000/1.06^3 + 10000/1.06^4 + 8000/1.06^5 + 6000/1.06^6

= 16000/1.06 + 14000/1.1236 + 12000/1.191016 + 10000/1.26247696 + 8000/1.33823 + 6000/1.41852

= 55758.4640346

= $55,758.47

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.

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