Assume that you will be opening a savings account today by depositing $100,000. Thesavings account pays 5 percent compound annual interest, and this rate is assumed toremain in effect for all future periods. Four years from today you will withdraw Rdollars. You will continue to make additional annual withdrawals of R dollars for awhile longer – making your last withdrawal at the end of year 9 – to achieve the followingpattern of cash flows over time. (Note: Today is time period zero; one year fromtoday is the end of time period 1; etc.)How large must R be to leave you with exactly a zero balance after your final R withdrawalis made at the end of year 9?
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