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Calculate the first and second year ANNUAL payment that you could withdraw for a growing annuity using the following assumptions: Interest rate = 8% Inflation

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Calculate the first and second year ANNUAL payment that you could withdraw for a "growing annuity" using the following assumptions: Interest rate = 8% Inflation rate = 3% Remaining life expectancy = 25 years Amount invested at retirement date - $1,400,000 First withdrawal taken at the beginning of the year Hint Real Rate:((1 + interest rate) divided by (1 + inflation rate)) - 1. Round real rate to two decimal places. Year 1 - 592,839 Year 2 - 595,624 Year 1 - 591.294 Year 2 - 594,033 Year 1 - $93.319 Year 2 - 596,119 Year 1 - 591.839 Year 2 - $95,406

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