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You wish to pay for a loan that you have taken and wish to deposit $8,000 today into a savings account which will earn 5%

  1. You wish to pay for a loan that you have taken and wish to deposit $8,000 today into a savings account which will earn 5% interest compounded annually. You wish to make 4 annual equal withdrawals, starting at the end of year 7, so that there will be no money left after your last withdrawal (Year 10). What is the amount of each withdrawal? Please explain using formulas and step by step calculations

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