Your uncle plans to retire now and use his retirement fund of $265,000 to cover all his expenses until death. If he runs the fund down to zero, how many years of living will he be able to cover if his annual expenses are $25,000. Assume that his retirement funds are invested at 8.75%, compounded annually, and that his first annual withdrawal will take place immediately. Round your final answer to 2 decimal places.

Group of answer choices 22.85 years 10.60 years 16.14 years 27.46 years 31.28 years