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If you have $75 at the beginning of every month for 10 years, for how long can you withdraw $260 at the beginning of each
If you have $75 at the beginning of every month for 10 years, for how long can you withdraw $260 at the beginning of each month, starting 10 years from now, assuming that interest is 6% compounded monthly? The answer is 1 Year, 8 months. I need to know what formula to use and a detailed answer step by step so I can understand how to solve the problem. I am preparing for an exam so it is very important
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