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Joseph invested $ 1 5 , 0 0 0 into a fund earning 6 . 2 5 % compounded quarterly. He plans to withdraw $

Joseph invested $

15, 000

into a fund earning

6.25 %

compounded quarterly. He plans to withdraw $

600

from the fund at the end of every month. If the first annuity withdrawal is to be made

2

years from now, how long will it take for the fund to be depleted?

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