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Need help figuring the this problem. Mr. and Mrs. Jones now have $130,000 in their savings account. They hope to retire in 20 years and
Need help figuring the this problem. Mr. and Mrs. Jones now have $130,000 in their savings account. They hope to retire in 20 years and wantto accumulate sufficient assets to support a 25-year post-retirement period. Assume they make no more additions to the retirement account. They expect to earn on average 10% on their savingsaccount until they retire and then 7% on the account during retirement. What amount of income should they expect to receive each month duringretirement .
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