Your friend Bob just retired after running a donut shop for 40 years. He has saved $5 million in his retirement accounts. Now he has his money in bond funds that have a 5% annual rate of return. How much will Bob be able to withdraw at the beginning of each month for the next 30 years. Assume he will have $0 left after year 30.
a) $26,730 b) $24,057 c) $21,384 d) $4,188 e) $166,667
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