Retirement fund-amount of his monthly end-of-month payments

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A man plans to work for 25 years and to make deposits into a retirement fund at the amount of 100 at the end of year month. The fund earns 6% nominal, converted monthly. The fund will be used to purchase a 20- year annuity-certain in retirement. Assuming the annuity is purchased at 6% converted monthly, what is the amount of his monthly end-of-month payments?

Reference no: EM13809772

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