Jim makes a $1,000 deposit in an account paying 4% interest per year. He would like to withdraw two equal amounts: in one year and in two years. The amount Jim should withdraw in one year such that he will have the same amount at the end of the second year is close to:

Based on the amount that Jim deposited and the interest paid per year on the account, withdrawing in two equal amounts would require an amount of $530 per year.

How much should Jim withdraw per year?

Assuming the amount that can be withdrawn is x, the relevant formula would be:

(1,040 - x) x 104 = 100x

Solving for x gives:

108,160 - 104x = 100x

108,160 = 100x + 104x

108,160 = 204x

x = 108,160 / 204

= $530

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