In order to meet your monthly expenses for next four years, you deposited a certain amount in your investment account that earns 8% annual return compounded monthly. You would need to withdraw $500 a month at the end of each month for next four years. How much did you deposit in this account today, if nothing is left in balance at the end of four years?

 

Group of answer choices

 

 

 

$16,560.63

 

 

 

$25,920

 

 

 

$6,094.57

 

 

 

$24,160

 

 

 

$20,480.9

 

 

 

 

 

I and III only