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You are planning to save for retirement over the next 30 years. To save for retirement, you will invest $1,450 a month in a stock account in real dollars and $570 a month in a bond account in real dollars. The effective annual return of the stock account is expected to be 10 percent, and the bond account will earn 6 percent. When you retire, you will combine your money into an account with a 7 percent effective return. The inflation rate over this period is expected to be 3 percent. How much can you withdraw each month from your account in real terms assuming a 25-year withdrawal period?

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