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How much money should be deposited

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Question - How much money should be deposited at age 17 in order to withdraw $40000 at the end of each year for 13 years if the first withdrawal is made at age 32. The account earns 11% compounded quarterly. Hint: Round effective rate to two decimal places. For the time where no withdrawals are being made, use 11% compounded quarterly.

Reference no: EM133069767

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