A pensioner receives a payment of 100 every month for the next 20 years. The pension provider funds for this with a lump sum of money which he places in a bank account receiving 6.5%p.a. interest. How much must he place in the account to ensure that there are sufficient funds to cover the payments?  

Answer rating: 100% (QA)

To ensure that there are sufficient funds to cover the monthly payments for the next 20 years we nee... View the full answer