Determine the maximum amount he can withdraw annually

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Reference no: EM13948584

A man wants to deposit $50,000 in a bank that pays 12% interest compounded semiannually for 6 years. At year 6, he loses $60,000 from the future of value of the $50,000. He wants to withdraw an equal amount every year for the first six years after losing the $60,000. Determine the maximum amount he can withdraw annually?

Reference no: EM13948584

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