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How many years will you need to live to break even

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Suppose you set aside $1 million for an annuity with the following terms: you will start to get monthly income in 8 years, and the monthly income is $6,000 paid at the end of each month until death. Suppose your expected annual return (APR) is 3% (with monthly compounding). How many years will you need to live to break even?

Reference no: EM132376664

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