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How much can withdraw to the nearest cent each year

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Reference no: EM133006214

Problem 1: Your great aunt will put $150,000 into a bank while you are growing up. The money will grow at 6% interest for exactly n = 8 years. Then exactly one year later, (at n + 1) you start to withdraw the money in 5 annual equal withdrawals, depleting the account. How much can you withdraw to the nearest cent each year?

Reference no: EM133006214

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