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Calculate annually withdrawn amount

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Today you begin your retirement. 30 years ago (year 0) you deposited $50,000 into an investment account that, since then, has always paid a 6 APR compounded annually. Starting one year after the year 0 deposit, you deposited $10,000 a year for the next 29 years (in other words, you made your final deposit today). If you plan to make your first withdrawal today, how much can you withdraw each year for the next 20 years, assuming the annual withdrawal size is fixed?

Reference no: EM1365219

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