cash-flow Q: determine minimum deposit

[Farah Heisenberg]

Originally from this thread:

To withdraw the following $1000 payment series, determine the minimum deposit (P), you should make now if your deposits earn an interest rate of 10%, compounded annually. Note that you are making another deposit at the end of year 7 in the amount of $500.Which the minimum deposit P, your balance at the end of year 10 should be zero.

Answer = 5375

please can you show me the solution steps ?

 

[stapel]

Originally from this thread:

To withdraw the following $1000 payment series, determine the minimum deposit (P), you should make now if your deposits earn an interest rate of 10%, compounded annually. Note that you are making another deposit at the end of year 7 in the amount of $500.Which the minimum deposit P, your balance at the end of year 10 should be zero.

Answer = 5375

please can you show me the solution steps ?

I've split your new post from the five-year-old question. In response to the original posting, one of the helpers noted that there is no sufficient information for solving this exercise. Since you seem to be working on the same exercise, perhaps you could provide the missing information, or at least confirm that the helper's guesses (as to the content of the withheld info) were correct?

When you reply, please include a clear listing of your thoughts and efforts so far. Thank you!