What amount will you be able to withdraw each year


Suppose you decide to open an individual retirement account at your local bank that pays 9%/year/year. You will deposit $3,000 per year into the account (40 total deposits) at the end of each of the next 40 years. Three years after the last deposit, you will begin making annual withdrawals. If you want the account to last 30 years, what amount will you be able to withdraw each year?

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Macroeconomics: What amount will you be able to withdraw each year
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