## Answers

The money that must be initially deposited to make the annual withdrawals is calculated as follows

PW = $ 6000 ( P/A, 5% , 10 years ) - $ 500 ( P/G , 5% , 10 years)

Where ( P/A, 5% , 10 years ) = Uniform series present worth factor

( P/G , 5% , 10 years) = Gradient present worth factor

Present worth = $ 6000 x 7.721735 - $ 500 x 31.65204768

**Present worth = $ 30,504.39**

The money that must be initially be deposited in a savings account = **$ 30,504.39**

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