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QUESTION

In order to help you through college, your parents just deposited $20,000 into a bank account paying 6% interest. Starting tomorrow you plan to

In order to help you through college, your parents just deposited $20,000 into a bank account paying 6% interest. Starting tomorrow you plan to withdraw equal amounts from the account at the beginning of each of the next four years. What is the MOST you can withdraw annually?

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