A retirement account has $240,000.00 that will be used to start an annuity that earns 5.5%, compounded

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A retirement account has $240,000.00 that will be used to start an annuity that earns 5.5%, compounded monthly. The annuity will make payments monthly in the amount of $1,800.00.

How long will it be until the annuity has a balance of $0?

Related Book For answer-question

Fundamentals Of Investing

ISBN: 9780135175217

14th Edition

Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk

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Posted Date: Dec 04, 2023 03:38 AM

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A retirement account has $240,000.00 that will be used to start an annuity that earns 5.5%, compounded

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Fundamentals Of Investing

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