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When his aunt died, Ariel inherited an annuity paying $7,000 every six months into a savings account for four years. The terms of the will
When his aunt died, Ariel inherited an annuity paying $7,000 every six months 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 six months for seven years. If interest is 4.82% compounded semi-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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