$52,000 was deposited in a savings account 7 years ago, and the account earned interest at the rate of 12% per year. What is the amount of equal annual withdrawals that can be made to completely deplete the fund 7 years from now if the first withdrawal will be made now?

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The Answer of $52,000 was deposited in a savings account 7 years ago, and the account earned interest at the rate of 12% per year. What is the amount of equal annual withdrawals that can be made to completely deplete the fund 7 years from now if the first withdrawal will be made now?

$52,000 Was Deposited in a Savings Account 7 Years Ago