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1. You have 5 million dollars in your 401K account. Today, annuities are earning 6% annual effective interest rate guaranteed for life. How much will

1. You have 5 million dollars in your 401K account. Today, annuities are earning 6% annual effective interest rate guaranteed for life. How much will you need to spend on the annuity today so that you can make a withdrawal of $50,000 at the end of each of the next 25 years.

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