How much he can draw from retirement account

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Reference no: EM131238885

Francisco believes in planning ahead. He decides to ?nd out how much he can draw from a retirement account each year for 30 years if he invests exactly $1,000 each year in the account. Suppose that he can earn 5% on this long-term account, that he will make 40 deposits, and that he will make the ?rst withdrawal one year after the last deposit. How big can Francisco’s withdrawals be?

Reference no: EM131238885

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