Make an investment and make equal withdrawals

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You make an investment of $12,000 in an account with an APR of 6% compounded monthly. (A) What is the balance in this account after 8 years? (B) If, after this initial 8 year period, you wish to make equal withdrawals at the end of each year for 5 years (to end up with a zero balance), how much could you withdraw each year?

Reference no: EM13840206

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