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anonymous
 one year ago
Derek has just retired, and has 250000 dollars in his retirement account. The account will earn interest at an annual rate of 8 percent, compounded monthly.
At the end of each month, Derek will withdraw a fixed amount to cover his living expenses.
Derek wants his savings to last exactly 20 years. How much money can he withdraw each month?
anonymous
 one year ago
Derek has just retired, and has 250000 dollars in his retirement account. The account will earn interest at an annual rate of 8 percent, compounded monthly. At the end of each month, Derek will withdraw a fixed amount to cover his living expenses. Derek wants his savings to last exactly 20 years. How much money can he withdraw each month?

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