In order for the account to be completely emptied

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In August 2000, an account that pays 6% interest was opened with a deposit of $12,000. There was and will be no withdrawals or additional deposits until August 2010, when the first of four equal annual withdrawals are made. In order for the account to be completely emptied, how much should be withdrawn each year? Include a cashflow diagram in your solution.

Reference no: EM131094385

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