A personal account earmarked as a retirement supplement contains $242,400 Suppose $200,000 is used to establish an annuity that earns 6 , compounded quarterly, and pays $4500 at the end of each quarter How long will it be until the account balance is $0 ...

A personal account earmarked as a retirement supplement contains $242,400. Suppose $200,000 is used to establish an

Question:

A personal account earmarked as a retirement supplement contains $242,400. Suppose $200,000 is used to establish an that earns 6%, compounded quarterly, and pays $4500 at the end of each quarter. How long will it be until the account balance is $0?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...