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You are planning to save for retirement over the next 30 years. To save for retirement, you will
invest \$1,900 per month in a stock account in real dollars and \$615 per month in a bond account
in real dollars. The effective annual return of the stock account is expected to be 12 percent, and
the bond account will earn 7 percent. When you retire, you will combine your money into an
account with an effective return of 8 percent. The returns are stated in nominal terms. The
inﬂation rate over this period is expected to be 5 percent. How much can you withdraw each month from your account in real terms assuming a 25-year
withdrawal period? (Do not round intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.) What is the nominal dollar amount of your last withdrawal? (Do not round
intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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