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Dennis plans to save $74,400.00 per year for 4 years. His first savings contribution is expected later today. He then plans to make withdrawals for 7 years. How much can Dennis expect to withdraw each year if he expects to earn 13.56 percent per year, he makes equal annual withdrawals, and his first withdrawal is in 5 years? O $95,044.58 (plus or minus 10 dollars) O $83,695.47 (plus or minus 10 dollars) O $77,267.89 (plus or minus 10 dollars) O $73,701.54 (plus or minus 10 dollars) O none of the answers are within 10 dollars of the correct answer

Dennis plans to save $74,400.00 per year for 4 years. His first savings contribution is expected later today. He then plans to make withdrawals for 7 years. How much can Dennis expect to withdraw each year if he expects to earn 13.56 percent per year, he makes equal annual withdrawals, and his first withdrawal is in 5 years? O $95,044.58 (plus or minus 10 dollars) O $83,695.47 (plus or minus 10 dollars) O $77,267.89 (plus or minus 10 dollars) O $73,701.54 (plus or minus 10 dollars) O none of the answers are within 10 dollars of the correct answer

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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Dennis plans to save $74,400.00 per year for 4 years. His first savings contribution is expected later today. He then plans to make withdrawals for 7 years. How much can Dennis expect to withdraw each year if he expects to earn 13.56 percent per year, he makes equal annual withdrawals, and his first withdrawal is in 5 years? O $95,044.58 (plus or minus 10 dollars) O $83,695.47 (plus or minus 10 dollars) O $77,267.89 (plus or minus 10 dollars) O $73,701.54 (plus or minus 10 dollars) O none of the answers are within 10 dollars of the correct answer
Transcribed Image Text:Dennis plans to save $74,400.00 per year for 4 years. His first savings contribution is expected later today. He then plans to make withdrawals for 7 years. How much can Dennis expect to withdraw each year if he expects to earn 13.56 percent per year, he makes equal annual withdrawals, and his first withdrawal is in 5 years? O $95,044.58 (plus or minus 10 dollars) O $83,695.47 (plus or minus 10 dollars) O $77,267.89 (plus or minus 10 dollars) O $73,701.54 (plus or minus 10 dollars) O none of the answers are within 10 dollars of the correct answer
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