Question: You inherit $ 3 0 0 , 0 0 0 from your parents and want to use the money to supplement your retirement. You receive

You inherit $300,000 from your parents and want to use the money to supplement your retirement. You receive themoney on your 65th birthday, the day you retire. You want to withdraw equal amounts at the end of each of the next20 years. What constant amount can you withdraw each month and have nothing remaining at the end of 20 years ifyou are earning 7% interest compounded monthly? Round it up to the nearest dollar.

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