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3. A couple has 2.3 million dollars in their retirement account at the age of 62 Their retirement account has an interest rate of 7%
3. A couple has 2.3 million dollars in their retirement account at the age of 62 Their retirement account has an interest rate of 7% compounded monthly. They are now retired and need to start taking money out of their retirement account. (*HINT: What formula do we typically use for retirement accounta or something that is gaining value as we put money in? What does each variable represent in the formula? What are we looking for in each of the following cases?) a. If the couple is planning to take money out of the retirement account until they are 92, how much money can they take out each month without leaving any money in the retirement account? b. If the couple would like to leave $300,000 as inheritance to their children, how much money can they take out each month if they are planning to take money out until they are 92
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