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PMT PMT PMT PMT 0 1 2 N- 1 N PV where I/Y is the effective rate of interest per payment period. Example 11 :

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PMT PMT PMT PMT 0 1 2 N- 1 N PV where I/Y is the effective rate of interest per payment period. Example 11 : John invests $100,000 into a fund earning an annual effective rate of 4%. John will make withdrawals of X at the end of every 5 years for a total of 10 withdrawals. After the last withdrawal the fund's balance will be 0. Calculate X

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