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Gary Morales invests $17,701.66 now for a series of $3,400 annual payments beginning one year from now. Gary will earn a return of
8% on the initial investment.
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
How many annual payments of $3,400 will Gary receive? (Hint: Use Table 4.) (Round answer to 0 decimal places, e.g. 25.)
Number of annual payments
11