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Shaminder is approaching retirement. His employer has a defined contribution pension plan. The commuted value of Shaminder's plan when he turns 65 years old will

Shaminder is approaching retirement. His employer has a defined contribution pension plan. The commuted value of Shaminder's plan when he turns 65 years old will be $675,000. If Shaminder uses the funds to purchase a term certain annuity due, calculate his monthly benefit if he can earn an annual rate of return equal to 3.2%, compounded semi-annually. Assume a 25-year term.

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