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Your parents are setting aside funds for you with the following schedule: When you were born they deposit 5K and increasing the amount with an
Your parents are setting aside funds for you with the following schedule: When you were born they deposit 5K and increasing the amount with an additional 1K above the previous year (6K when you are 1 year old and 7K when you are 2 year old. The last deposit is when you turn 10 years old. The bank provides effective annual interest rate of S%, what equal annual withdrawals can you make when you turn to ages 18, 19, and 20 to completely deplete your money in the account? If you like, you can make use of the following gradient relations: I+E
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