Bob and Dave Each Started with $130,020

question 1

Essay

Bob and Dave each started with $130,020.They retired,and both took out $6,500 of their money at the end of each year and spent it.Bob had 32 percent declines in his assets in year 2 whereas Dave's occurred in year 3.They both had a 7 percent increase per year in their assets in the remaining years.Assuming no tax impact,what sums did each have at the end of each year for each of the four years following retirement?

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