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How much are you able take out every year

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Question - Your Aunt will help pay for some of your future expenses by depositing 60,000 into an account in the Amhearst Saving Bank at 7.7% interest for n = 6 years. Then one year after this initial period, (at n + 1) you start to withdraw the money and will continue to do so, making 6 annual equal withdrawals, totally drawing down the account to zero dollars after your last withdrawal.

How much are you able take out every year? Assume that the interest paid by the bank is staying the same both during the accumulation and the withdrawal periods.

Reference no: EM132843461

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