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Your great aunt left you $15,000 when she died. You can invest the money to earn 6.5% per year. If you spend $2,100 per year out of this inheritance, how long will the money last? Try to use an appropriate annuity formula, and make sure to clearly state any assumptions you make.
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Your great aunt left you $15,000 when she died. You can invest the money to earn 6.5% per year. If y...
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