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4. There is $1,200,000 in a retirement account. If $7000 is withdrawn at the end of each month, how much will be in the account

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4. There is $1,200,000 in a retirement account. If $7000 is withdrawn at the end of each month, how much will be in the account in 30 years if the annual return is 5%? An annuity promises $4000 at the end of every month for 10 years, what is the present value if the discount rate is 6%? 10 points

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