The rate of return offered by Reliance Insurance Co. on its 20-year annuities is 3.9% com-pounded monthly.

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The rate of return offered by Reliance Insurance Co. on its 20-year annuities is 3.9% com-pounded monthly. Thom wishes to purchase an annuity from Reliance that will provide him with month-end payments of $1000 for the next 20 years. How much will Reliance charge Thom for this annuity?

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Given Term 20 years j 39 compounded monthly PMT 1000 per m...View the full answer

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