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Mr. Jones has deposited his life savings of $70 000 in a retirement income plan with a local bank. The bank pays 10% per year,
Mr. Jones has deposited his life savings of $70 000 in a retirement income plan with a local bank. The bank pays 10% per year, compounded continuously on such deposits. What is the maximum fixed amount Mr. Jones can withdraw at the end of each year and still have the funds last for 15 years?
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