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For each of the past six years you have made semi-annual deposits of $1,000 in a savings plan. The first deposit was exactly six years
For each of the past six years you have made semi-annual deposits of $1,000 in a savings plan. The first deposit was exactly six years ago, and the last deposit was six months ago. There were 12 deposits in all. The savings plan paid an 8% nominal interest rate compounded semi-annually. Today you made the first of 10 annual withdrawals. The first set of five will be equal and the second set of five will also be equal. Each withdrawal in the second set will be twice the amount of a withdrawal from the first set. The plan will pay 6% compounded annually while you are making your withdrawals. REQUIRED: How large should your withdrawals be to exhaust the savings plan
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