Determine the withdrawal amount that occurs

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Reference no: EM131937214

An investor has an account balance of 4,500,000 on his 65th birthday. On his 66th birthday the investor will make her first annual retirement withdrawal, and the final withdrawal will take place on her 93rd birthday.

Each withdrawal would be 4% larger than the one before it. The account balance continues to earn 7% annually.

Determine the withdrawal amount that occurs on the investor's 66th birthday.

Reference no: EM131937214

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