A person has just retired and wants to set up an annuity to receive annual payments of
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A person has just retired and wants to set up an annuity to receive annual payments of $25,000 for the next 25 years. The annuity earns an interest rate of 4% compounded monthly. How much money must the person deposit into the annuity today to achieve their goal?
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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