Anastasia is a model prospect just signed a modeling contract with an agency that is giving her a signing bonus of $500,000.00 Anastasia and her parents want to set up a differed annuity for this signing bonus. Anastasia figures that her modeling career will last 7 years, after which she would like to go to college in London and have the annuity pay for her tuition and living expenses (in an off campus apartment) while she is in school for 4 years. The interested rate is 3.6%. Both the interest and payments are paid at the ending of each month. Anastasia is hoping that the payments will exceed $12,000 a month so that she can focus on her studies without having to work (i.e. model fulltime) during her time in college. What is the payment that the annuity will offer?

Is this payment enough for Anastasia to have the choice of halting work during the time she is in school (i.e. not model if she doesnt want to)? YES / NO