Mrs. McCarthy has paid a single premium of $22 750 for an annuity, with the understanding that

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Mrs. McCarthy has paid a single premium of $22 750 for an annuity, with the understanding that she will receive $385 at the beginning of each month. How long will the annuity last if it earns 5% compounded semi-annually, and the first payment period starts one year from now?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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