What will be the amount of this final smaller withdrawal

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Reference no: EM132012731

Suppose that your grandparents give you 29000 dollars today as a graduation gift, and you deposit this money into an account that will earn an effective interest rate of 7.4 percent. Y

You plan to make annual withdrawals from the account for as long as you can, with the first withdrawal being one year from now.

Each withdrawal will be 6000 dollars, except for the last one which will be a smaller amount. What will be the amount of this final smaller withdrawal?

Reference no: EM132012731

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