Question: Douglas plans to save $ 4 7 , 7 0 0 per year for six years. His first savings contribution is expected in one year.

Douglas plans to save $

47, 700

per year for six years. His first savings contribution is expected in one year. He then plans to make withdrawals for eight years. How much can Douglas expect to withdraw each year if he earns

17.86 %

per year he makes equal annual withdrawals and his first withdrawal is in seven years.

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