How much should she withdrawl each month

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Tamara received $500,000 from an insurance company. She wants to to deposit this in a savings account that earns interest at a rate of 6% compounded monthly. Then she would like to make 60 equal monthly withdraws over five years such that, when she makes the last withdrawl, the savings account will have a balance of zero. How much should she withdrawl each month?

Reference no: EM13190897

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