Question
Lacy worked for 31 years for the same company. During all of those years, she put $100 from her monthly paycheck into a retirement savings
Lacy worked for 31 years for the same company. During all of those years, she put $100 from her monthly paycheck into a retirement savings account that paid, on average, 5.75% interest compounded monthly. When she retired, she moved the balance from that account into a payout annuity earning 2.5% interested compounded monthly. She set this account up so that she would receive a monthly check for $1250. How much money was in Lacys savings account when she retired? For how many years after her retirement, will Lacy be able to receive her monthly payout check? (Round to the nearest tenthof a year.)
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