The average life expectancy in Canada is 82 years.

Imagine when you turn 62 years old, a bank is willing to give you a lifetime annuity. If you give them $500000 today, they will pay you $20000 a month for the rest of your life.

Based on the time you expect to live (assume you have 20 years left), is this a good deal? Ignore inflation and taxes. Assume you can earn 6% compounded annually if you left your $500000 in the bank.

Is this a good deal? briefly explain your answer.