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Calculate
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Mei wins \(\dollar 1\,200\,000\) in a lottery. She decides to invest the entire amount in an annuity fund offering \(3.75\pourcent\) p.a. compounded monthly.
If Mei withdraws \(\dollar 8\,000\) per month, how long will it take for the fund to run out? Give your answer in years and months.
Mei wants the payments to last exactly 20 years. Calculate the monthly withdrawal she should set up.
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