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Mel plans to save 11,100 dollars per year for 3 years. His first savings contribution is expected in 1 year. He then plans to withdraw
Mel plans to save 11,100 dollars per year for 3 years. His first savings contribution is expected in 1 year. He then plans to withdraw 18,600 dollars per year for as long as he can. Mel expects to earn 8.3 percent per year. How many payments of 18,600 dollars can Mel expect to receive if his first annual payment of 18,600 dollars is received in 3 years? Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00).
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