What is the value of each withdrawn

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Reference no: EM131536036

A company plans to save $10,000 starting at the end of first year, and increase this amount by 1000 every year thereafter for a total of 5 annual saving. The savings are left in the bank. Starting at the end of year 10 company plans to withdraw its savings in 9 equal semi-annual withdrawals. Assume that r = 18% per year compounded monthly, what is the value of each withdrawn?

Reference no: EM131536036

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