Determine how long will it be until clive run out of money

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Clive is considering retiring. Clive has a total of $411,016 in his retirement savings and has the funds invested such that he expects to earn an average of 7.10%, compounded monthly, on this money throughout his retirement years. Clive wants to withdraw $2,500 at the beginning of every month, starting today.

How long will it be until Clive run out of money?

Reference no: EM13328614

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