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Problem No. 6 You are planning for retirement. You have $800,000 in your retirement account. What monthly withdrawal can you make from the fund for

Problem No. 6

You are planning for retirement. You have $800,000 in your retirement account. What monthly withdrawal can you make from the fund for the next 30 years at a nominal interest rate of 6%, compounded monthly, if the account balance will be $0 at the end of the 30 years? What is the effective interest rate for the MONTHLY compounding?

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