When Sarah James husband died, she became the beneficiary of a $100,000 life insurance policy. Instead of taking the money in a lump sum, she elects to receive a monthly stipend over a period of 20 years. If the insurance company pays interest at the rate of 6% compounded monthly, what will her monthly income be? 

 

Answer rating: 100% (QA)

Given the scenario we can calculate the monthly payment using the ... View the full answer