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Interest for each year has been added

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When a man retires, he invests $20,000 in a bank, interest at 8% per annum of the amount to his credit to be added at the end of each year. When the interest for each year has been added, he withdraws $1,000 to augment his pension during the following year. How much, to the nearest cents, has he to his credit in the bank, eight years after he retired, when interest for eight years has been added and seven withdrawals have been made?

Reference no: EM131089633

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