Question: Please note the text in blue as to when to round! Kindly A woman, with her employer's matching program, contributes $800 at the end of
Please note the text in blue as to when to round!
Kindly
A woman, with her employer's matching program, contributes $800 at the end of each month to her retirement account, which earns 7% interest, compounded monthly. When she retires after 48 years, she plans to make monthly withdrawals for 27 years. If her account earns 6% interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running out of money)? The maximum possible monthly withdrawal is approximately $. (Simplify your answer. Round to the nearest cent as needed.)
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