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What is maximum possible monthly withdrawal

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Problem 1: A woman, with her employer's matching program, contributes $700 at the end of each month to her retirement account, which earns 5% interest, compounded monthly. When she retires after 41 years, she plans to make monthly withdrawals for 33 years. If her account earns 4% interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running out of money)?

Reference no: EM132841158

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