Future Value and Number of Annuity Payments
Your client has been given a trust fund valued at $1.14 million. He cannot access the money until he turns 65 years old, which is in 25 years. At that time, he can withdraw $23,000 per month.
If the trust fund is invested at a 4.5 percent rate, compounded monthly, 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.)