Saul Goodman tells you that you inherited $300,000 from your Great Aunt Birgit. Under Saul's advice, you invest your inheritance into an ordinary annuity that pays out $6,500, quarterly, at 4% interest, compounded quarterly. How many years will it take for the inheritance to be depleted? Round your answer to 2 decimal places.

Saul Goodman tells you that you inherited $300,000 from your Great Aunt Birgit. Under Saul's advice, you invest your inheritance into an ordinary annuity that pays out $6,500, quarterly, at 4% interest, compounded quarterly. How many years will it take for the inheritance to be depleted? Round your answer to 2 decimal places.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...

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