A person establishes a sinking fund for retirement by contributing $7,500 per year at the...
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Accounting
A person establishes a sinking fund for retirement by contributing $7,500 per year at the end of each year for 20 years. For the next 20 years, equa yearly payments are withdrawn, at the end of which time the account will have a zero balance. If money is worth 9% compounded annually, what yearly payments will the person receive for the last 20 years?
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