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Mr Richard estimates that he will live for 18 years after his retirement

Finance

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Mr Richard estimates that he will live for 18 years after his retirement. He intends to spend all of his nest-egg of $590,000 through monthly payments from his pension fund. He budgets on the fund earning 5 per cent per annum compounded monthly. How much can he draw each month?

Group of answer choices

$4148.0

$5500.0

$4,500.0

$4374.0