How many years can mr webster expect to receive payments, Finance Basics

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How many years can mr webster expect to receive payments

Problem

Mr. Webster is getting ready to retire. He has worked hard all of his life, and saved $1,000,000 in this retirement fund. Mr. Webster would like to withdraw $5,000 a month. He can expect a growth rate of 4% on his investment that has not been withdrawn. How many years can Mr. Webster expect to receive his $5,000 monthly payments until his retirement fund is 100% used?

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