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A retirement plan guarantees to pay to you or your estate a fixed amount for 20 years. At the time of retirement you will have

A retirement plan guarantees to pay to you or your estate a fixed amount for 20 years. At the time of retirement you will have $250,000 to your credit in the plan. The plan anticipates earning 9% interest compounded monthly. How much will your monthly benefits be, paid at the end of each month?

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