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How much do you have to deposit today in order to allow 5 annual withdrawals, beginning at the end of year 18, with a first
How much do you have to deposit today in order to allow 5 annual withdrawals, beginning at the end of year 18, with a first withdrawal of $1537 and with subsequent withdrawals decreasing at the rate of 2% over the previous years withdrawal? Assume an interest rate of 6% compounded annually.
Please solve using equations.
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