Explain what is the maximum john can withdrew

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Discuss on investment plan.

John Smith has received $291,366 as compensation for a work accident and deposits this in an account earning a guaranteed return of 6%. What is the maximum John can withdrew each year (assume equal annual amounts) until he reaches the age of 65 in 15 years time (a total of 15 payments starting one year from now)

Reference no: EM1311483

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