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Suppose your mother has worked for 40 years and has accumulated a nest-egg of $1,000,000. She wishes to begin receiving an annual payment beginning next
Suppose your mother has worked for 40 years and has accumulated a "nest-egg" of $1,000,000. She wishes to begin receiving an annual payment beginning next year, and continuing for another 20 years. If a pension plan will guarantee her an annual interest rate of at least 5% effective, what is her payment? Please do it manually
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