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What constant amount could withdraw each year

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Reference no: EM132616653

Problem 1: If you have $28 000 in an account earning 10% annually, what constant amount could you withdraw each year and have nothing remaining at the end of 4 years?

Option 1) $7,984

Option 2) $8,329

Option 3) $8,518

Option 4) $8,763

Reference no: EM132616653

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