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You will deposit $ 7 0 0 0 into an account with an annual interest rate of 5 % compounded monthly, leave the account untouched

You will deposit $

7000

into an account with an annual interest rate of

5 %

compounded monthly, leave the account untouched for

16

years, and then withdraw equal amounts at the end of each month for the following

8

years, ending with a balance of $

7000 .

What will your monthly withdrawals be

?

Your monthly withdrawals will be $

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