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Suppose you accumulated $ 25 0,000, perhaps from many years of saving. You put the money in a savings plan earning 3 % compounded monthly.

Suppose you accumulated $250,000, perhaps from many years of saving. You put the money in a savings plan earning 3% compounded monthly. If you want to live off the interest without disturbing the $250,000 balance, what amount can you withdraw at the beginning of each month?

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