1. The problem statement, all variables and given/known data Consider an investment of $5,000 at 6% convertible semiannually. How much can be withdrawn each half−year to use up the fund exactly at the end of 20 years? 2. Relevant equations the present value annuity-immediate equation equation of value relating 5000 to the above equation 3. The attempt at a solution withdrawal is unknown 5000 = withdrawal * present value of annuity I have a more urgent question: why can a withdrawal value be multiplied by the present value function when the withdrawal is being taken out? My thinking is the present value function can only be multiplied by deposits because deposits will be affected by interest. This question bothers me more than solving the problem.