Mr. and Mrs. Jones plan to retire in 28 years. They will deposit $1000 at...
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Mr. and Mrs. Jones plan to retire in 28 years. They will deposit $1000 at the end of each month into a retirement account paying 6% compounded monthly until they retire in 28 years. The retirement account currently has a balance of $52,600. When they retire they plan to make monthly withdrawals for 25 years. If their account earns 5.4% interest compounded monthly what is the maximum possible monthly amount they can withdraw when they retire?
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