Question
A person has just retired and wants to set up an annuity to receive annual payments of $25,000 for the next 25 years. The annuity
A person has just retired and wants to set up an annuity to receive annual payments of $25,000 for the next 25 years. The annuity earns an interest rate of 4% compounded monthly. How much money must the person deposit into the annuity today to achieve their goal?
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
