Question: Your client has been given a trust fund valued at $1.16 million. He cannot access the money until he turns 65 years old, which is

Your client has been given a trust fund valued at $1.16 million. He cannot access the money until he turns 65 years old, which is in 25 years. At that time, he can withdraw $22,000 per month. If the trust fund is invested at a 4.5 percent rate, compounded monthly, how many months will it last your client once he starts to withdraw the money?

I have worked this problem and according to connect my answer is incorrect.

My values are as follows: PV= 1,160,000 X ( 1 + 0.0450)^25= 3,486,303.97

I= 4.5 / 12= 0.0375

FV= 0

PMT= -22,000

Compute for N= 240.99

I am not sure what I am doing wrong. Please explain, I will need to know how to work this problem on an upcoming test.

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