Question: Do not give answer through Excel formula! Karen has $90,000 in her savings account right now. Her savings account pays 10% per year in interest.

Do not give answer through Excel formula!

Karen has $90,000 in her savings account right now. Her savings account pays 10% per year in interest. She will need $55,000 as a down payment for a house 8 years from now, and can spend the rest. What is the maximum amount she can withdraw from her account every year so that she has sufficient funds for her down payment? Presume that she will withdraw funds in equal nominal amounts at the beginning of each year.

Please show formula used and walk through of the work!! NO EXCEL.

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