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Charlie has accumulated $557,893 in his 401(k) retirement savings account. Now that he has retired, he is planning to start using this fund to provide
Charlie has accumulated $557,893 in his 401(k) retirement savings account. Now that he has retired, he is planning to start using this fund to provide him with some income. He expects that the account can continue to earn 4.5% interest and he plans to make monthly withdrawals from the account over the next 20 years. Under these assumptions, how much can he afford to withdraw each month?
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