Mark is planning for his retirement this year. One option that has been presented to him is
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Question:
Mark is planning for his retirement this year. One option that has been presented to him is the purchase of an annuity that would provide a $48,000 payment each year for the next 11 years. Calculate how much Mark should be willing to pay for the annuity if he can invest his funds at 6%. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,971.)
Related Book For
Fundamentals of Investing
ISBN: 978-0133075359
12th edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
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