Question
500 a year is deposited continuously for 10 years. During the even years, the annual effective interest rate is 6%.During the odd years, the annual
500 a year is deposited continuously for 10 years. During the even years, the annual effective interest rate is 6%.During the odd years, the annual effective interest rate is 5%. One year after the deposits have stopped, annual withdrawals begin. There are then end of year withdrawals of 1000 for as long as possible with the final withdrawal being a partial withdrawal. How much is the last final withdrawal? Please do this by hand since I am unable to excel and other programs on homework and exams and need to see how it is done to understand what I am learning.Thanks!
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