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Assume that today is the first day of the month and that it is also...

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Accounting

Assume that today is the first day of the month and that it is also your first day of retirement. You have saved for retirement over the years and have accumulated $499,000 in an investment account from which you plan to make monthly withdrawals during your retirement starting at the end of this month. Assuming you can earn annual returns of 7.5% in your investment account during your retirement years, how much money can you withdraw every month to make sure that your current balance will last you exactly 28 years?

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