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Linda joined her company's pension plan 25 years ago and she has just retired. The total accumulation of her defined contribution plan pension assets is

Linda joined her company's pension plan 25 years ago and she has just retired. The total accumulation of her defined contribution plan pension assets is $750,000. If the pension assets are used to purchase a single life annuity and payments are received at the start of each month, what monthly income will she receive? Assume an annual rate of 4.5% compounded monthly, and a 30-year life expectancy

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