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Which compounds monthly on money

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Your parents are about to retire and they have $1,000,000 with which to do so. They plan to live 25 more years after retirement. They expect to earn 5% per year, which compounds monthly, on this money. How much money can they withdraw from this total each month and have a 0 balance at the end of 25 years?

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Reference no: EM131473252

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