Homework Help: economics

Posted by Rachel on Sunday, February 13, 2011 at 8:55pm.

Suppose you wish to invest X dollars in a bank account which pays 5% per year. You want to use this account to pay for costs that appear each year, starting with year 15. The amount you have to pay in year 15 is 276.71 and then the payments grow at a rate of 5% per year until year 38. If you wish to have exactly 1/11 of the amount X left in the account at the end of year 38, what should X be ?

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