Carolyn is 20 years old and wishes to start saving for her retirement in forty years time. Carolyn plans to save $2000 per year for forty years at 5 per cent annual interest after-tax. If Carolyn makes twenty equal annual withdrawals during retirement beginning at the end of her 61st year, and her funds continue to earn annual after-tax interest of 5 per cent, how much money will she have to live on each year?

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