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Roberto retires at the age of 60 with savings of \(\dollar 650\,000\). He transfers this money into an annuity fund that earns \(5.4\pourcent\) p.a. compounded monthly.
If Roberto withdraws \(\dollar 4\,200\) per month to live on, how long will the money in the fund last? Give your answer in years and months.
If Roberto wants the money to last until he is 85 years old (a duration of 25 years), how much can he afford to withdraw each month?
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