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A worker aged 40 wishes to accumulate a fund for retirement by depositing $3000 at the end of each year for 25 years. Starting at
A worker aged 40 wishes to accumulate a fund for retirement by depositing $3000 at the end of each year for 25 years. Starting at age 65 the worker plans to make 10 equal withdraws at the end of every other year. Find the amount of the level withdrawal if the effective rate of interest is 8% during the first 25 years but only 7% thereafter.
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