As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more than $2 5 million Suppose he invested $1 5 million in an ordinary annuity that earned 7 2 , compounded monthly How much would he receive at the end of each month for the next 20 years (a) Decide whet...

As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more

Question:

As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more than $2.5 million. Suppose he invested $1.5 million in an ordinary that earned 7.2%, compounded monthly. How much would he receive at the end of each month for the next 20 years?
(a) Decide whether the problem relates to an ordinary or an due, and then
(b) Solve the problem.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...