A firm has $1,000,000 in its bank account. The bank pays interest of 6% per...
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Finance
A firm has $1,000,000 in its bank account. The bank pays interest of 6% per year. The firm withdraws $60,000 per year for the next five years, at the end of each year. What is the balance in the account at the end of the fifth year?
a. $1,000,000
b. $887,258
c. $1,028,423
d. $912,508
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