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You want to be able to withdraw $40,000 each year for 30 years. Your account...

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Algebra

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You want to be able to withdraw $40,000 each year for 30 years. Your account earns 6% interest.a) How much do you need in your account at the beginning?b) How much total money will you pull out of the account?c) How much of that money is interest?

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Transcribed Image Text

You want to be able to withdraw $40,000 each year for 30 years. Your account earns 6% interest.a) How much do you need in your account at the beginning?b) How much total money will you pull out of the account?c) How much of that money is interest?

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