How much can she draw monthly

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Question: Mildred Dean is considering her final retirement problem. She has accumulated $2,100,000. She is planning to invest the amount in a mutual fund that expects to earn about 4.5% annually (APR). She expects to live for another 35 years. She wants to leave $600,000 to her daughter when she is ready to leave this world. How much can she draw monthly? Assume monthly compounding.

Reference no: EM132000423

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