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Question

Lionel invested $11,500 into a fund earning 7.50% compounded quarterly.

He plans to withdraw $800 from the fund at the end of every month. If the first annuity withdrawal is to be made 2 years from now, how long will it take for the fund to be depleted?


years ______months_____ Express the answer in years and months, rounded to the next period

Step-by-step answer

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Subject: Business, Finance

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