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Your client has been given a trust fund valued at $1.08 million. He cannot access the...

Your client has been given a trust fund valued at $1.08 million. He cannot access the money until he turns 65 years old, which is in 25 years. At that time, he can withdrawal $29,000 per month. If the trust fund is invested at a 5.5 percent rate, how many months will it last your client once he starts to withdraw the money? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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Function Arguments NPER Rate 5.5%/12 10.004583333 Pmt 29000 29000 Pv -1080000*(1 +5.5%)125 4118463.737 替() Type - number -230.1438089 Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. Fv is the future value, or a cash balance you want to attain after the last payment is made. If omitted, zero is used. Formula result = 230.14 el OK Cancel

He can withdraw for 230.14 months

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