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You inherit $150,000 and put the money in a bank account earning 3% per year, compounded annually. You withdraw $1000 from the account each year,
You inherit $150,000 and put the money in a bank account earning 3% per year, compounded annually. You withdraw $1000 from the account each year, right after the interest is earned. Your first $1000 is withdrawn before any interest is earned. (a) Calculate the balance in the account right after the 15th withdrawal is made. Round your answer to two decimal places. $ e Textbook and Media (b) What is the largest yearly withdrawal you can take from this account without the balance decreasing over time? Round your answer to two decimal places. $
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