Question: Suppose Sam invests $ 8 0 , 0 0 0 in the Rainbow Commercial Bank paying 5 . 6 % interest for exactly n =

Suppose Sam invests $

80, 000

in the Rainbow Commercial Bank paying

5.6 %

interest for exactly n

= 5

years.Sam then leaves the money in the bank but starting at n

+ 1,

he make

5

annual withdrawals of an equal amount, emptying the account

as the bank continuous to pay the same annual interest rate as during the accumulation period. How much is the equal amount Sam can take out of the bank for each of the withdrawal periods?

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