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You want to be able to withdraw $4000 from an account at the end of each 6-month period (that is, twice a year) for the
You want to be able to withdraw $4000 from an account at the end of each 6-month period (that is, twice a year) for the next 13 years. How much money should you invest now into an account earning 4.7% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made. Give the answer correctly to 2 decimal places. The amount to invest now is Blank 1. Calculate the answer by read surrounding text. dollars. Do NOT use the dollar sign in the answer box.
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