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After your grandmother retired, she purchased an annuity contract for $250,000 that will pay her $25,000 at the end of every year until she dies.

After your grandmother retired, she purchased an annuity contract for $250,000 that will pay her $25,000 at the end of every year until she dies.  The appropriate interest rate for this annuity is 8%.  Calculate the number of years that your grandmother must live in order to get more value out of the annuity than what she paid for.

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