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What is the MOST you can withdraw annually

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Problem - In order to help you through college, your parents just deposited $25,000 into a bank account paying 8% interest. Starting next year, you plan to withdraw equal amounts from the account at the end of each of the next four years. What is the MOST you can withdraw annually? Please show calculation.

A. $6,125.43

B. $6,988.91

C. $7,133.84

D. $7,548.02

E. $8,154.71

Reference no: EM132461086

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