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show formula and calculation Question 14 3 pts You have just retired with savings...

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Question 14 3 pts You have just retired with savings of $1.6 million. If you expect to live for 30 years and to earn 8% year on your savings, how much can you afford to spend each year? Assume that you spend the money at the start of each year. Enter your answer as a number with 2 decimals and without $ sign

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