An insurance settlement of $1.5 million must replace Trixie Eden's income for the next 40 years. What

Question:

An insurance settlement of $1.5 million must replace Trixie Eden's income for the next 40 years. What income will this settlement provide at the end of each month if it is invested in an that earns 8.4%, compounded monthly?
(a) Decide whether the problem relates to an ordinary or an due, and then
(b) Solve the problem.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...