What is the amount of the smaller concluding withdrawal

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Reference no: EM131330522

A person inherited $91000 and invests it immediately at 10.5% compounded monthly. The person decides to quit his/her job and withdraws $1250 at the end of each month for as long as possible.

a. How many full withdrawals of $1250 can be made?

b. What is the amount of the smaller concluding withdrawal at the end of the next month?

Reference no: EM131330522

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