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Joe is 60 years old. His IRA has accumulated $80,000 over the years. Joe can begin making annual end-of-year withdrawals now or wait until he is 71 years old. The IRA pays 10% annually. If he begins now, he will make 20 withdrawals. If he waits 11 more years, he will only make 9 withdrawals. How much can Joe withdraw under each option?

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