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Josie won $8000 in an essay-writing contest. The money was deposited into a savings account earning 4.2% compounded monthly. She intends to leave the money
Josie won $8000 in an essay-writing contest. The money was deposited into a savings account earning 4.2% compounded monthly. She intends to leave the money for five- and-a-half years, then withdraw amounts at the end of each month for the next four years while she studies to become an entrepreneur. What will be the size of each withdrawal?
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