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Assume that today is the first day of the month and that it is also your first day of retirement. You have saved for retirement
Assume that today is the first day of the month and that it is also your first day of retirement. You have saved for retirement over the years and have accumulated $ in an investment account from which you plan to make monthly withdrawals during your retirement starting at the end of this month. Assuming you can earn annual returns of in your investment account during your retirement years, how much money can you withdraw every month to make sure that your current balance will last you exactly years?
Note: Enter your answer rounded to the nearest dollar. For example, if your calculated monthly withdrawalpayment amount is $ enter it as: or
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