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You work hard and save hard. At retirement you have accumulated $1,000,000. You talk to your financial adviser and she helps you pick out an

You work hard and save hard. At retirement you have accumulated $1,000,000. You talk to your financial adviser and she helps you pick out an annuity investment that pays you a monthly amount and rate of return on the investment is 5%. What is the maximum payment you can have each month without reducing the principal. Round Your answer to the nearest cent.

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