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When Karen retired, she had a retirement account with a $910,000 balance. She decided that she would use this account to provide 30 years of
When Karen retired, she had a retirement account with a $910,000 balance. She decided that she would use this account to provide 30 years of equal quarterly payments. It is now 17 years later and Karen just received her 68th montly check. Looking ahead, she can see that she needs to stretch her payments over another 18 years rather than the thirteen more she had originally planned. If she does this, how large will her new montly payments be? Assume she earns interest at the APR of 6.4% compounded quarterly throughout her retirement.
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