Question: Chen plans to save 10,400 dollars per year for 4 years. His first savings contribution is expected later today. He then plans to make withdrawals

Chen plans to save 10,400 dollars per year for 4 years. His first savings contribution is expected later today. He then plans to make withdrawals for 3 years. How much can Chen expect to withdraw each year if he expects to earn 5.38 percent per year, he makes equal annual withdrawals, and his first withdrawal is made in 5 years?

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