Interest compounded semiannually

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A man wants to deposit $50,000 now and $60,000 at the end of six years in a bank that pays 12% interest compounded semiannually. He wants to withdraw an amount every year for the first six years and to withdraw exactly $1,500 more for the following four years. Determine the maximum amount he could withdraw in year 1?

Reference no: EM13984856

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