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If a newly retired person has $300,000 in their retirement account earning 5.5%/year (compounded quarterly...

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Finance

If a newly retired person has $300,000 in their retirement account earning 5.5%/year (compounded quarterly like in Exhibit 14-5), and expects retirement to last 20 years, how much can the retired person take out of the account every month? So at the end of 20 years, the account will be depleted down to $0.

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