If $300,000 is used to purchase an annuity earning 7.5% compounded monthly and paying $2500 at the

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If $300,000 is used to purchase an annuity earning 7.5% compounded monthly and paying $2500 at the end of each month, what will be the term of the annuity?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...
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