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Carolyn has just retired, and has 2 5 0 0 0 0 dollars in her retirement account. The account will earn interest at an annual
Carolyn has just retired, and has dollars in her retirement account. The account will earn interest at an annual rate of percent, compounded monthly.
At the end of each month, Carolyn will withdraw a fixed amount to cover her living expenses. Give your answer in dollars, correct to the nearest cent.
What is the maximum amount that Carolyn can withdraw each month if she wants her savings to last indefinitely?
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