Sandy Goldstein has inherited $25,000 from her grandfather's estate. She deposits the money in an account offering

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Question:

Sandy Goldstein has inherited $25,000 from her grandfather's estate. She deposits the money in an account offering 6% interest compounded annually. She wants to make equal annual withdrawals from the account so that the money (principal and interest) lasts exactly 8 years. (a) Find the amount of each withdrawal. (b) Find the amount of each withdrawal if the money must last 12 years