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How many payments can Mel expect to receive

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Question - Mel plans to save 13,600 dollars per year for 6 years. His first savings contribution is expected in 1 year. He then plans to withdraw 16,100 dollars per year for as long as he can. Mel expects to earn 7.23 percent per year. How many payments of 16,100 dollars can Mel expect to receive if his first annual payment of 16,100 dollars is received in 6 years?

Reference no: EM132478215

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