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1) At age 65, a man takes his life savings of 600,000 and purchases a 20 year annuity with monthly payments. What is the monthly

1) At age 65, a man takes his life savings of 600,000 and purchases a 20 year annuity with monthly

payments. What is the monthlypaymentif the interest rate is 3% compoundeddaily?

2)Determine the present value of a deferred perpetuity of $1000 per year if the first payment is due at the end of six years. The interest rate is j2 = 4%

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