The amount of $27 350 is invested at 6% compounded monthly for 6 years. After the initial

Question:

The amount of $27 350 is invested at 6% compounded monthly for 6 years. After the initial 6-year period, the balance in the fund is converted into an annuity due paying $1600 every 6 months. If interest on the annuity is 4.96% compounded semi-annually, what is the term of the annuity in years?

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