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Your parents retire at age 62 and their retirement account is valued at $2,500,000. They believe that at least one of them may live another
Your parents retire at age 62 and their retirement account is valued at $2,500,000. They believe that at least one of them may live another 30 years. You project that they will earn 2.5% on their investment portfolio throughout retirement.
What is the maximum annuity payment they can withdraw from the account at the beginning of each year and not run out of money?
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