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What amount would have to be deposited today in order to make the following (growing) series of 40 annual withdrawals from an account which offers
What amount would have to be deposited today in order to make the following (growing) series of 40 annual withdrawals from an account which offers an annual stated rate of 10 percent compounded semiannually Note that the first withdrawal is made at the end of year 6 (not today)Hint: Draw a CFD to help with visualizing this situation.)
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