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Robert turned 23 today and wants to retire at age 55. He believes that he can comfortably invest $350 per month into his retirement account,
Robert turned 23 today and wants to retire at age 55. He believes that he can comfortably invest $350 per month into his retirement account, which he expects to earn an average of 11%. During retirement, his investments will be more conservative, and he predicts that his investments will earn an 8% return. If he expects to live until age 80, how much can he withdraw each month during retirement?
Group of answer choices
$21,844.87
$9,502.98
$8,000
$5,388.35
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