A personal account earmarked as a retirement supplement contains $342,400. Suppose $300,000 is used to establish an annuity that

Question

A personal account earmarked as a retirement supplement contains $342,400. Suppose $300,000 is used to establish an annuity that earns 4%, compounded quarterly, and pays $6500 at the end of each quarter. How long will it be until the account balance is $0? (Round your answer UP to the nearest quarter.) __ quarters

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