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You decide to open an individual retirement account ( IRA ) at your local bank that pays 8 % / year / year . At

You decide to open an individual retirement account (IRA) at your local bank that pays 8%/year/year. At the end of each of the next 40 years, you will deposit $1,000 per year into the account (40 total deposits). Three years after the last deposit, you will begin making quarterly withdraws. If you want the account to last 30 years (120 withdrawals), what amount will you be able to withdraw each year (based on the sum of the quarterly payments each year)?

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