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Calculate the smaller final withdrawal

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Reference no: EM132986249

On 28 July 2019, Ye Win deposited $13,000 into a savings account earning 8.9% convertible monthly. Ye Win intends to withdraw $1,117 each month, starting on 28 November 2019.

Problem i) Calculate how many monthly withdrawals of the full $1,117 will be able to be made.

Problem ii) Calculate the smaller final withdrawal that will be available one month after the final full withdrawal.

Reference no: EM132986249

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