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Frodo offers to sell Sam an annuity today for $74,600. The annuity pays $6,300 a year and the annual rate of return is 7 percent.

Frodo offers to sell Sam an annuity today for $74,600. The annuity pays $6,300 a year and the annual rate of return is 7 percent. How many years does the annuity last if the first payment is in one year? (Do not round intermediate calculations.)

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