Creston withdraw from the account to spend on equipment

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Creston Industries deposited $104057 into an account paying 6% compounded annually. At the end of year 4, Creston deposited an additional $31431 into the account. Creston had to make a withdrawal of $26249 at the end of year 5 to pay for an unexpected building repair. Creston is working on a new product and would like to have $114941 in the account at the end of year 9 to properly launch it.

Creston would like to buy some specialized equipment at the end of year 6. How much can Creston withdraw from the account to spend on the equipment and still have $114941 at the end of year 9?

Round your answer. Do not use a dollar sign ("exist"), any commas (", "), or a decimal point (".").

Reference no: EM131599676

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