Balance in account after second withdrawal
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$3,000 is deposited into an account paying 10% annually, to provide three annual withdrawals of $1,206.34 beginning in one year. How much remains in the account after the second payment has been withdrawn?
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Solution Summary
Provided is a step-by-step solution on how to calculate the balance in the account after the second payment has been withdrawn.
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The amount would be the present value of the last withdrawal which would be made in 1 year.
Present Value = ...
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