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You have deposited $12,059 in a special account that has a guaranteed rate of return. If you withdraw $3,100 at the end of each year
You have deposited $12,059 in a special account that has a guaranteed rate of return. If you withdraw $3,100 at the end of each year for 5 years, you will completely exhaust the balance in the account. The guaranteed rate of return is closest to: (Ignore income taxes.)
Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided. (Round your intermediate calculations to 3 decimal places.)
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