How much do you have to deposit now in a savings account that earns 6% annual interest if you want to withdraw an annual payment series that begins with $1,000 in year 1 and increases by $250 per year for five years? ( show work)
a.
$1,984
b.
$5,987
c.
$6,196
d.
$6,355

its kind of blurry. can you put a clearer pic?

step-by-step explanation:

$655.61 which is option c

step-by-step explanation:

price of house =   $146,000

initial rate = 3.5%

mortgaged paid in this = 3.5 % of $146,000

                                        =

                                        =$5110

the total years would be = 7

total mortgaged paid = 7 * $5110

                                      =$35770

remaining money = $146000-35770

                                =$110230

new mortgaged payment = 5 % of 110230

                                            =  

                                            =$655.61

step-by-step explanation:

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