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Your grandmother bought an annuity from Manulife Financial for $467 462 when she retired. In exchange for the $467 462, Manulife will pay her $30,000
Your grandmother bought an annuity from Manulife Financial for $467 462 when she retired. In exchange for the $467 462, Manulife will pay her $30,000 per year until she dies. The interest rate is 5%. How long must she live
after the day she retired to come out ahead (that is, to get more in value than what she paid in)?
She must live at least years. (Round up to the nearest whole year.)
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