On his retirement, Louis received a lump sum of $800 000 from his employer. Taking advantage of existing tax legislation, he invested his money in an annuity that provides for payments of $60 000 at the end of every 3 months. If interest is 6.25% compounded quarterly, how long will the annuity exist?

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The Answer of On his retirement, Louis received a lump sum of $800 000 from his employer. Taking advantage of existing tax legislation, he invested his money in an annuity that provides for payments of $60 000 at the end of every 3 months. If interest is 6.25% compounded quarterly, how long will the annuity exist?

On His Retirement, Louis Received a Lump Sum of $800