Question: Assume next month you begin saving $ 5 0 0 per morith for Retirement in an account that earns a return of 6 % companded

Assume next month you begin saving $500 per morith for Retirement in an account that earns a return of 6% companded monthly. You plan to retire in 30 years and expect to live for 20 yeans after Retrement. Upon Retirement, you will shiff your savings into an account that earns a rate of 3% companded ononthly. Calculate how much you can withdraw each year during retirement, assuning you withdraw the same amant annually.
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Assume next month you begin saving $500 per morith for Retirement

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