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You are planning your retirement in 25 years. You currently have $15,000 in a bond account, and you plan to add $5,500 per year at

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You are planning your retirement in 25 years. You currently have $15,000 in a bond account, and you plan to add $5,500 per year at the end of each of the next 25 years to the account. The bond account earns a return of 7 percent per year over the next 25 years. You also currently have $25,000 in a stock account and the stock account earns a return of 12 percent per year over the next 25 years. When you retire, you will transfer your money from the bond and stock accounts into a combined retirement account that earns 6 percent. Your plan is to withdraw an equal amount from your combined account at the end of each year for the next 25 years and then have nothing left. How much can you withdraw each year in your retirement? INSTRUCTION: ROUND ANSWER TO 2 DECIMAL PLACES. POSITIVE NUMBER ONLY, NO S OR % SYMBOL

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