A sum of 1000 is invested and draws interest at the rate of, Accounting Basics

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A sum of 1000 is invested and draws interest at the rate of

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A sum of $1,000 is invested and draws interest at the rate of 8 percent compounded annually. At the end of the first year and each year thereafter $50 is withdrawn from the invested amount. How much money is still available in the investment after the 20th annual withdrawal?

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