A woman, with her employer’s matching program, contributes $800 at the end of each month to her retirement account, which earns 8% interest, compounded monthly.
A woman, with her employer’s matching program, contributes $800 at the end of each month to her retirement account, which earns 8% interest, compounded monthly. When she retires after 41 years, she plans to make monthly withdrawals for 30 years. If her account earns 5% interest, compounded monthly, then when she retires, what is her maximum possible monthly withdrawal (without running out of money)? The maximum possible monthly withdrawal is approximately (Simplify your answer. Round to the nearest cent as needed.)
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