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12 February, 13:36

Tony saved enough money to place $125,500 in an investment generating 9.25% compounded monthly. He wants to collect a monthly income of $1,350, at the beginning of each month, for as long as the money lasts. How many months will Tony have this income coming to him?

A. 165.

B. 145.

C. 192.

D. 162.

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  1. 12 February, 16:17
    0
    Option D

    Explanation:

    Begin Mode

    N = ?

    i = 9.25 12 = 0.7708

    Principal = $125,500

    PMT = $1,350

    FV = 0

    161.7058

    = 162 (nearest whole number)
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