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How many years has the annuity provider assumed term to be

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Problem 1: At age 69, Kyle used his savings of $50,000 to purchase a life annuity with a guaranteed 5-year minimum. If he will receive payments of $450 at the end of each month and he knows that the annuity provider has based the payment on a nominal annual interest rate of 6.24% compounded monthly, how many years has the annuity provider assumed the term to be?

Reference no: EM132613714

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