Tim currently has $25,000 saved. He plans to save $74,000 per year for 5 years, with his first annual savings contribution expected in 1 year. He then plans to withdraw $150,000 per year for as long as he can. Tim expects to earn 12.6 percent per year. How many payments of $150,000 can Tim expect to receive if his first annual payment of $150,000 is received in 6 years? Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00).
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