Determine the sum is deposited into a savings account

Reference no: EM13208624

A sum of $25,000 is deposited into a savings account, which 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 The maximum amount that can be withdrawn at the end of each year is approximately equal to _____.

Reference no: EM13208624

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