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You have $19,000 in an account earning an interest rate of 4.1%. What are the annual...

You have $19,000 in an account earning an interest rate of 4.1%. What are the annual end-of-year withdrawals you can make from this account before it is depleted in 10 years? Round to two decimal places.

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Answer #1

This question requires application of PV of annuity concept, according to which

PV =

19000 = P * 8.0707

P = $2,354.20

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