Problema person wins 10000 in a state lottery he plans to, Ask an Expert

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A person wins $10,000 in a state lottery. He plans to deposit this money in a savings account to earn 8% annual interest for 6 years. If he wants to withdraw equal annual amounts from the account for 6 years, starting with the first withdrawal one year from the date of deposit, what will be the amount of each withdrawal? Please describe in detail and provide all working out.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91146248

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