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The sum of $159,760 is invested at 5.5% compounded monthly for four years. After the four years, the balance in the fund is converted into
The sum of $159,760 is invested at 5.5% compounded monthly for four years. After the four years, the balance in the fund is converted into an ordinary annuity paying $10,240 annually. If interest on the annuity is the same, what is the term of the annuity? Select one: a. 17.69 years b. 11.34 years c. 10.21 years O d. 13.49 years O e. 9.62 years
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