Tamara Massey received $1,000,000 from an insurance company after her husbands death. She wants to deposit this
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Tamara Massey received $1,000,000 from an insurance company after her husband’s death. She wants to deposit this amount in a savings account that earns interest at a rate of 6% compounded monthly. Then she would like to make 60 equal monthly withdrawals over five years such that, when she makes the last withdrawal, the savings account will have a balance of zero. How much should she withdraw each month?
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