Withdraw fixed amount from this savings account

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Mr. Diamond expects to invest $1000 per year for each of the next 20 years in an investment plan that pays 10% per year, compounded annually. At the end of the 20th year, he expects to withdraw the balance in his investment plan and deposit it in a savings account. This savings account pays 6% per year, compounded monthly. Diamond wants to withdraw a fixed amount from this savings account each month, for a total of 5 years. How large may this fixed amount be?

Reference no: EM131094554

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