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1 You wish to withdraw $5.000 at the end of each year for 8 years, with $0 remaining in the account at the end of
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You wish to withdraw $5.000 at the end of each year for 8 years, with $0 remaining in the account at the end of 8 years. You have deposited $28,735 in an account that has a guaranteed rate of return. If you withdraw $5,000 at the end of each year for 8 years, you will completely exhaust the balance in the account. Use the present value tables that you printed out before the exam to determine the guaranteed rate of return is closest to: (Ignore income taxes.) (Round your intermediate calculations to 3 decimal places.) 9% 8% 10% 7% Step by Step Solution
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