38. At retirement, you have saved $800,000 in your employers savings plan. They have offered to convert

Question:

38. At retirement, you have saved $800,000 in your employer’s savings plan. They have offered to convert this money to an annual payment of $70,000 for the next 30 years. What is the interest rate of this annuity? ( LG 2-9 )

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Markets And Institutions

ISBN: 9780071086745

5th International Edition

Authors: Anthony Saunders, Marcia Cornett

Question Posted: