John Quincy wants to withdraw $$31,700$each year

for$10$ years from a fund that earns$11\%$

interest.

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How much must he invest today if the first withdrawal is at

year$-$end? How much must he invest today if the first withdrawal

takes place immediately? $($Round factor values to $5$ decimal places,

e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.$

$458,581.)$

$$First withdrawal at year$-$end

$

First withdrawal immediately

$