Annette has just inherited $180,000. She invests this money at a rate of return of 5.94%...

 

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Annette has just inherited $180,000. She invests this money at a rate of return of 5.94% per year compounded quarterly. After some period of time, she purchases an annuity that pays $2833 at the beginning of each month for 15 years. How much must be in the account on the date of the first payment in order to pay for this annuity? Answer. Annette has just inherited $180,000. She invests this money at a rate of return of 5.94% per year compounded quarterly. After some period of time, she purchases an annuity that pays $2833 at the beginning of each month for 15 years. How much must be in the account on the date of the first payment in order to pay for this annuity? Answer.

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