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When his aunt died, Ariel inherited an annuity paying $20,000 every year into a savings account for four years. The terms of the will state
When his aunt died, Ariel inherited an annuity paying $20,000 every year into a savings account for four years. The terms of the will state that he cannot withdraw any money for the first four years, and then he can withdraw equal amounts at the end of each year for six years. If interest is 4.08% compounded annually, what will be the size of each withdrawal?
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