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The annual membership fee at your health club is $750 a year and is expected to increase at 5% per year. A life membership is

The annual membership fee at your health club is $750 a year and is expected to increase at 5% per year. A life membership is $7,500 and the discount rate is 12%. You either pay the annual membership right now, or pay the life membership right now. In order to justify taking out the life membership, what would be your minimum life expectancy?

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