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A non-profit fund has $2,912,052 accumulated in a fixed income investment account that pays 6.4% annual interest. The fund takes out $481,979 from the account
A non-profit fund has $2,912,052 accumulated in a fixed income investment account that pays 6.4% annual interest. The fund takes out $481,979 from the account every year to issue scholarships. Each year, the withdrawal is made at the beginning of the year. After how many years will the account run out of money? Round your answer to the nearest 0.01 year, i.e., round to two decimal places.
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