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Suppose your retirement account has $500,000 and an APR of 4%. Find the monthly payment for...

  1. Suppose your retirement account has $500,000 and an APR of 4%.

    1. Find the monthly payment for a 20 year annuity.

    2. How much money will you have left in the account after 10 years?

    3. At that time (after the 10 years), you think you want your annuity to be stretched from a 20-year annuity to a 25-year annuity. What will the payments be for the next 15 years?

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