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An insurance company client deposits $1,000,000 for an annuity payment of $6000 per month. The annual contracted discount rate of 4% is compounded monthly. The

An insurance company client deposits $1,000,000 for an annuity payment of $6000 per month. The annual contracted discount rate of 4% is compounded monthly. The insurance company fee is 2% of the deposit.

How many months does the annuity last?

What is the formula for n?

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