Your grandmother bought an annuity from Great-West Life Insurance Company for $200,000 when she retired. In exchange

Question:

Your grandmother bought an from Great-West Life Insurance Company for $200,000 when she retired. In exchange for the $200,000, Great-West Life will pay her $25,000 per year until she dies. The interest rate is 5%. How long must she live after the day she retired to come out ahead (that is, to get more in value than what she paid in)?
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,...