Question 1118307
Present Value of an annuity = Payment[(1-(1+r)^-n)/r] 
where r (periodic interest rate) = 0.066/12 = 0.0055 
and n (number of periods) = 5*12 = 60
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950[(1-(1+0.0055)^-60)/0.0055]
= 950(0.28/0.0055)
= 950(50.91) = 48,364.5 this is the amount necessary to fund the withdrawals of 950 per month during 5 years