Your friend offers to pay you an annuity of $7,400 at the end of each year for
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Question:
Your friend offers to pay you an annuity of $7,400 at the end of each year for 3 years in return for cash today. You could earn 5.5% on your money in other investments with equal risk. What is the most you should pay for the annuity? Select the correct answer.
a. $19,964.71
b. $19,972.81
c. $19,980.91
D. $19,997.11
e. $19,989.01
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