Business, 21.02.2020 23:44 sariahieveryone

10,000 is deposited into an account earning an effective annual interest rate of 6%. Beginning at the end of the third year, annual withdrawals of 1,000 are made from the account until the account balance at the end of a year is less than 1,000. At the point, the remaining balance is withdrawn and the account is closed. How many full withdrawals of 1,000 are made?

a. 16
b. 17
c. 18
d. 19
e. 20

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