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Mike's stock portfolio has had the following activity since he began investing: January 1, 2014 Value = $100,000 January 1, 2015 Value = $120,000 immediately

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Mike's stock portfolio has had the following activity since he began investing: January 1, 2014 Value = $100,000 January 1, 2015 Value = $120,000 immediately preceding an $18,000 deposit January 1, 2016 Value = $150,000 immediately preceding a $23,000 deposit January 1, 2017 Value = $185,000 immediately preceding a withdrawal of amount $X January 1, 2018 Value = $100,000 You may assume a 5% annualized time-weighted return over the four-year period from January 1, 2014 to January 1, 2018. Determine X, the amount of the withdrawal made on January 1, 2017

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