Question: Subject: Variable annuities and amortization Course: Financial Maths Upon retirement, an employee can choose to receive $55,000 one year prior to retirement, or receive 24

Subject: Variable annuities and amortization

Course: Financial Maths

Upon retirement, an employee can choose to receive $55,000 one year prior to retirement, or receive 24 monthly payments beginning at the time of retirement. If the interest rate of 24% per annum convertible monthly is calculated, how much will the monthly payments be?

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