What will be the amount of each withdrawal

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Reference no: EM13721507

A person wins $10,000 in a state lottery. He plans to deposit this money in a savings account to earn 8% annual interest for 6 years. If he wants to withdraw equal annual amounts from the account for 6 years, starting with the first withdrawal one year from the date of deposit, what will be the amount of each withdrawal?

Reference no: EM13721507

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