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Arthur retires at age 60 with \(\dollar 600\,000\) in his retirement fund. He transfers this capital into an annuity that earns \(3.9\pourcent\) p.a. compounded monthly.
If Arthur wants the money to last until he is 90 years old (30 years), calculate the maximum amount he can withdraw each month.
Arthur is used to a lifestyle that requires \(\dollar 5\,000\) per month. Will he be able to maintain his standard of living? Quantify the difference to support your answer.
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