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Sagot :
The amount of the annual withdrawals will be $16,574.24.The amount is the sum of the principal and the simple interest gain.
What is the amount?
The complete repayment of money at the end of the time period for which it was borrowed is referred to as the amount.
The given data in the problem is;
P ia the annual payment
PV is the present value = $150,261
r is the rate of intreast = 9.1% = 0.091
n is the time period= 20
The formula for the annual payment is found as;
[tex]\rm P= \frac{r \times PV}{1-(1+r)^{-n}} \\\\ \rm P= \frac{0.091 \times 150261}{1-(1+0.091)^{-20}} \\\\ \rm P=16,754.2437[/tex]
Hence the amount of the annual withdrawals will be $16,574.24.
To learn more about the amount refer to the link;
https://brainly.com/question/12184047
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