What equal dollar amount can be withdrawn semi-annually

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When you hit retirement in 20 years, you plan to move your $ 2 million retirement account into an investment earning 5% per year, compounded quarterly. From this account, you'll do 40 equal, semi-annual withdrawals. 1st withdrawal happens 6 months into retirement and last withdrawal will be at time fifty. At time fifty, there should be a zero balance in the account. What equal dollar amount can be withdrawn semi-annually?

Reference no: EM131185441

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