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Withdrawal occurs at the end of six months

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John is planning to retire in 15 years. Money can be deposited at 8% compounded quarterly. What quarterly amount must be deposited at the end of each quarter until John retires so that he can make a withdrawal of $ 24,089 semiannually over the first 5 years of his retirement. Assume that John's first withdrawal occurs at the end of six months after his retirement.

Reference no: EM132083172

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