Question: Problem 3. Please support your answer with calculations Mark on his retirement date will have $2,250,000 in his retirement account. He plans to annually withdraw

Problem 3.

Please support your answer with calculations

Mark on his retirement date will have $2,250,000 in his retirement account. He plans to annually withdraw some money from his retirement account on the last day of the year. He will reinvest the remaining money at a 3% interest rate. Taking into account that he will live for 30 years into his retirement, how much can he withdraw annually from his retirement account?

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