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The Family have saved $1,200,000 to finance part of their sons college education. The funds will earn 12% annual interest rate, compounded monthly, for one

The Family have saved $1,200,000 to finance part of their sons college education. The funds will earn 12% annual interest rate, compounded monthly, for one year. During that first year of college, how much can their son withdraw from the available funds each month?

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