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What is the maximum size

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Question 1: Richard received a $2.5 million cash flow and deposited the money in a guaranteed interest account that pays 8.8% APR, compounded monthly. What is the maximum size, equal withdrawal that Richard can make each month over the next 20 years to achieve a zero balance after 20 years?

Group of answer choices

Option 1: $6,893.10

Option 2: $8,125.84

Option 3: $15,194.10

Option 4: $15,018.10

Reference no: EM132596973

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