Your uncle is about to retire, and he wants to buy an annuity that will provide him
Fantastic news! We've Found the answer you've been seeking!
Question:
Your uncle is about to retire, and he wants to buy an annuity that will provide him with $6,300 of income a year for 23 years, with the first payment coming immediately. The going rate on such annuities is 5.25%. How much would it cost him to buy the annuity today?
Round your answer to two decimal places. For example, if your answer is $345.667 round as 345.67 and if your answer is .05718 or 5.718% round as 5.72.
Related Book For
Fundamentals Of Investing
ISBN: 9780135175217
14th Edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
Posted Date: