Question
While working in New York City, Mr. Heckles deposited $10,000 into an investment account at the end of every year for 40 years to save
While working in New York City, Mr. Heckles deposited $10,000 into an investment account at the end of every year for 40 years to save for his retirement. He earned a 12% annual return on his investments during those 40 years. At the end of the 40th year, he retired, withdrew all his saved money from his investment account, and deposited it into a savings account that paid an annual interest rate of 5%. In his retirement, Mr. Heckles withdrawn $30,000 at the end of every year for the first five years. How much money Mr. Heckles had remaining in his savings account after making his 5th withdrawal?
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