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Determining the account remaining balance

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Reference no: EM132017043

Problem: Mr. Pekin will deposit $11,000 in a retirement savings plan at the end of each year for 36 years. Then he wants to withdraw money at the start of each year for the following 23 years (the expected length of his retirement period). How much can each of the withdrawals be if he can earn 3.5% per year, throughout the life of the plan, on the account's remaining balance?

Reference no: EM132017043

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