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John has obtained a grant of $600,000 for research at his university. He wishes to make equal withdrawals at the end of each year for
John has obtained a grant of $600,000 for research at his university. He wishes to make equal withdrawals at the end of each year for 4 years to pay the research assistants, secretaries, and for other expenses. If he places the cash in an account which pays 10% interest compounded annually, how much must each withdrawal be so that no cash is left at the end of the fourth year?
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