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Hector saved $1,000,000 for their retirement.The money is in an account which pays 7% interest, compounded monthly, and they want to be able to withdraw

Hector saved $1,000,000 for their retirement.The money is in an account which pays 7% interest, compounded monthly, and they want to be able to withdraw the same amount every month for the next 25 years.What formula would Hector use to figure out how much money they can withdraw each month?

Payout Annuity/Loan

Compound Interest

Simple Interest

Annuity

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