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Find how long must live after the day retired to come out

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Problem 1: Your grandmother bought an annuity from Great-West Life Insurance Company for $307,410 when she retired. In exchange for the $307,410?, Great-West will pay her $30,000 per year until she dies. The interest rate is 3%. 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)?

Reference no: EM133004448

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