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Suppose you have a nest egg (retirement account balance) of $1,000,000 with an APR of 6%....

  1. Suppose you have a nest egg (retirement account balance) of $1,000,000 with an APR of 6%.

    1. Find the monthly payment for a 25 year annuity. In other words, you start with a million dollars and receive an equal payment every month for 25 years. At the end of that time, the account is empty.

    2. Find the monthly payment for a 30 year annuity.

    3. Find the monthly payment for a 35 year annuity.

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