Question: Freddy has $ 1 0 0 , 0 0 0 saved and plans to save $ 6 0 , 0 0 0 per year for

Freddy has $100,000 saved and plans to save $60,000 per year for 7 years. His first savings contribution is expected later today. He then plans to make withdrawals for 5 years. How much can Freddy expect to withdraw each year if he expects to earn 9.00 percent per year, he makes annual withdrawals, and his first withdrawal is made in 7 years?

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