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Suppose that for retirement purposes, over the course of years, you make monthly deposits of $1,730 into an account that
pays an annual interest rate of 11.9% compounded monthly.
After those initial 16 years, you then want to make monthly withdrawals for 25 years, reducing the balance in the account
to zero dollars. For the following, round your answers to the nearest cent.
(2) The amount of money you accumulated over the first 16 years is
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(b) Each month, you should withdraw
reaches zero dollars after 25 years.
NOTE: For part (b), use the rounded value you had in part (a) even though this will technically lead to rounding errors.
1. CHOOSE UNITS: from your account so that the balance
Instructions A