Question

A person inherited $65000 and invests it immediately at 9.5% compounded monthly. The person decides to...

A person inherited $65000 and invests it immediately at 9.5% compounded monthly. The person decides to quit his/her job and withdraws $1950 at the end of each month for as long as possible.

a. How many full withdrawals of $1950 can be made?

b. What is the amount of the smaller concluding withdrawal at the end of the next month?

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