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Steven Wong wishes to save for his retirement by deposit ing $1,200 at the beginning of each year for thirty years. Exactly one year after
Steven Wong wishes to save for his retirement by deposit ing $1,200 at the beginning of each year for thirty years. Exactly one year after his last deposit, he wishes to begin making annual level withdrawals until he has made twenty withdrawals and exhausted the savings. Find the amount of each withdrawal if the effective interest rate is 5% during the first thirty years but only 4% after that.
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