Uniform annual amount could be withdrawn at end of each year

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Reference no: EM131775237

A person deposits $28,500 into a savings account that earns 5% interest per year. At the end of 12 years, the person wants to have at least $1,500 remaining in the account. What uniform annual amount could be withdrawn at the end of each year for 12 years so that $1,500 dollars would be left in the account after the twelfth withdrawal?

Reference no: EM131775237

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