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Your aunts employer was acquired by a competitor, and she was given a severance payment of 285,000, which she invested at a 6.5% annual rate.

Your aunts employer was acquired by a competitor, and she was given a severance payment of 285,000, which she invested at a 6.5% annual rate. She now plans to retire, and she wants to withdraw 30,000 at the end of each year, starting at the end of this year. How many years will it take to exhaust her funds, i.e. run the account down to zero?

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