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You are given a choice between taking a lump-sum payment of $25,292.8 now from your insurance policy or an annuity of $3,200 annually as long as you...

You are given a choice between taking a lump-sum payment of $25,292.8 now from your insurance policy or an annuity of $3,200 annually as long as you live. How long must you anticipate living for the annuity to be indifferent to the lump sum if interest rate is 8%?

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