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Juan is evaluating his retirement plan. He estimates that he will have saved $750,000 when he retires in an account that earns at an APR of 4.00% compounded monthly. He plans to withdraw $60,000 annually at the end of each year after retiring.
a How many years will Juan's funds last?
b To make the funds last 30 years, what APR (with monthly compounding) will he need?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956665

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