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When his aunt died, Ariel inherited an annuity paying $ 2 3 , 0 0 0 every year into a savings account for five years.

When his aunt died, Ariel inherited an annuity paying $23,000 every year into a savings account for five years. The
terms of the will state that he cannot withdraw any money for the first five years, and then he can withdraw equal
amounts at the end of each year for eleven years. If interest is 5.41% compounded annually, what will be the size of
each withdrawal?
Each withdrawal is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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