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Mr. Kentucky wants to save money for many years and then take time off to travel the world. Specifically he plans to deposit $7,000 at
Mr. Kentucky wants to save money for many years and then take time off to travel the world. Specifically he plans to deposit $7,000 at the Louisiana Savings Bank at the end of each year for ten years, and then withdraw equal amouts to pay for his travels at the beginning of each year for the following three years. How much can each of the three withdrawals (occurring at the start of years 11, 12, and 13) be if he can earn 4.4% per year, throughout the life of the plan, on the account's remaining balance?
- A.$29,776.77
- B.$31,086.95
- C.$27,336.63
- D.$32,454.77
- E.$28,539.44
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