Question: Question 15 Difficulty: IIl Jacob has an annuity that has an annual interest of 3.1% that he plans on using once he retires. He has

Question 15 Difficulty: IIl Jacob has an annuity that has an

Question 15 Difficulty: IIl Jacob has an annuity that has an annual interest of 3.1% that he plans on using once he retires. He has calculated that he needs $2500 per month to live on. If he draws from the annuity for 20 years, what does the starting balance need to be, to three significant figures, in order to meet his budget? $447000 $48700 $50000 $600000

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