Makes equal annual withdrawals

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Chen plans to save 27,200 dollars per year for 6 years. His first savings contribution is expected later today. He then plans to make withdrawals for 7 years. How much can Chen expect to withdraw each year if he expects to earn 8.46 percent per year, he makes equal annual withdrawals, and his first withdrawal is made in 7 years?

Please do not use excel (if possible)

Reference no: EM131978787

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