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Your parents plan on retiring in 25 years. In their retirement, they plan to withdraw...

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Finance

Your parents plan on retiring in 25 years. In their retirement, they plan to withdraw a constant amount at the end of every year and do that forever. Assume that the annual interest rate is r = 3%, that they have $560,002 saved today, and they dont plan on saving any more money. What retirement income will they have? Enter your answer rounded to the nearest dollar (ex. $300,000.73 = 300,001)

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