John Quincy wants to withdraw $34,700 each year for 7 years from a fund that earns 12% interest. Click here to view factor tables How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately? (Round factor values to 5 decimal places, e.g. 1.25124, and final answers to 0 decimal places, e.g. 458,581.) First withdrawal at year-end $ First withdrawal immediately $

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Solution 1Present value of annuityAnnuity11inte... View the full answer