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Problem regarding the retirement assets

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Richard age 45, has already accumulated $100,000 in retirement assets. He expects to retire at age 75 and live until age 100. He expects to earn 8% before retirement and 6% after retirement. If he makes no additional contributions to his account and he receives a fixed (non-increasing) monthly annuity from the account for life, what is the amount he could withdraw at the beginning of each month in retirement?

Reference no: EM131412771

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