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How much will be able to withdraw at the end of each year

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Problem 1: You made it to retirement and have accumulated the $3,000,000. Congratulations! Assume you leave this in an account earning 6% annually; also assume that you want to receive money from this account for 32 years at the end of each year, and have nothing left at the end of 32 years. How much will you be able to withdraw at the end of each year? The annual amount that you can withdraw at the end of each year is __________________.

Reference no: EM132970330

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