A 65-year-old male can purchase either of the following annuities from a life insurance company for $50,000.
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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,...
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The economic value at age 65 of each annuity is the presen...View the full answer
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