Rashid wants to use $500,000 from his RRSP to purchase an annuity that pays him $2000 at

Question:

Rashid wants to use $500,000 from his RRSP to purchase an annuity that pays him $2000 at the end of each month for the first 10 years and $3000 per month thereafter. Global Insurance Co. will sell Rashid an annuity of this sort with a rate of return of 4.8% compounded monthly. For how long will the annuity run?

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