What is the maximum amount one can withdraw in year one

Reference no: EM13186788

I want to deposit $10,000 now and $15,000 at the end of five years in a bank that pays 15% interest compounded semiannually. I want to withdraw an amount every year for the first five years and to withdraw $500 more for the following four years. What is the maximum amount I could withdraw in year one?

Reference no: EM13186788

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