Determine the maximum amount that can be withdrawn

Reference no: EM13208619

A sum of $25,000 is deposited into a savings account that pays 8% interest compounded semiannually. Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever. The Maximum amount that can be withdrawn at the end of each year is approxiamtely equal to_______.

Reference no: EM13208619

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