If Jason saves up the equivalent of a million dollars (in current dollars) by the time of
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If Jason saves up the equivalent of a million dollars (in current dollars) by the time of his retirement at age 65, how much can he withdraw each month in equal dollar amounts, if he figures he will live up to the age of 85 years? Assume that his investment fund yields a nominal rate of return of 7% per year. How much would his monthly withdrawal be worth in today’s dollars?
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