Rashid wants to use $500,000 from his RRSP to purchase an annuity that pays him $2000 at

Question:

Rashid wants to use $500,000 from his RRSP to purchase an that pays him $2000 at the end of each month for the first 10 years and $3000 per month thereafter. Global Insurance Co. will sell Rashid an of this sort with a rate of return of 4.8% compounded monthly. For how long will the run?
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,...