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When his aunt died, Ariel inherited an annuity paying $5500 every quarter into a savings account for six years. The terms of the will state
When his aunt died, Ariel inherited an annuity paying $5500 every quarter into a savings account for six years. The terms of the will state that he cannot withdraw any money for the first six years, and then he can withdraw equal amounts at the end of each quarter for five years. If interest is 5.63% compounded quarterly , what will be the size of each withdrawal?
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