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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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