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What is the amount of 20 equal annual deposits that can provide 40 annual withdrawals when a first withdrawal of $2,000 is made at the
What is the amount of 20 equal annual deposits that can provide 40 annual withdrawals when a first withdrawal of $2,000 is made at the end of year 21 and subsequent withdrawals increase at the rate of 3 % per year over the previous years withdrawal. Determine the deposit amounts based on the interest rate of 7 % compounded annually.
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