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Find the amount of each withdrawal

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Problem 1: Steven wishes to save for his retirement by depositing $2,000 at the beginning of each year for thirty years. Exactly one year after his last deposit, he wishes to begin making annual level withdrawals until he has made twenty withdrawals and used up the savings. Find the amount of each withdrawal if the effective interest rate is 3% during the first thirty years but only 2% after that.

A. 5650

B. 5819

C. 5835

D. 5876

E. 6040

Reference no: EM132797102

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