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Four equal annual deposits of $1,000 are made at t = 0, 1, 2, and 3 (the periods represent the end of each year) into
Four equal annual deposits of $1,000 are made at t = 0, 1, 2, and 3 (the periods represent the end of each year) into a mutual fund that pays an effective annual rate of 10%. Subsequently, two equal withdrawals of $X will be made at the end of year 5 and year 10. Determine the amount of the withdrawals (X) such that the account is depleted when the second withdrawal is made.
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