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Find what is the maximum amount that can be withdrawn

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Question 1: Month end contributions of $431 are made to an account for 8 years. For exactly 9 years following the date of the final payment the funds are allowed to accumulate interest. After this time, start of quarter withdrawals are made for a period of 8 years. If the interest rate over the entire 25 year period is 4.3% compounded quarterly, then what is the maximum amount that can be withdrawn at the start of each quarter?

Reference no: EM132494361

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