After consulting with your financial advisor, you figured that you need $100,000 per year for your living during 35 years of the retirement period. You consider buying an annuity contract that will pay $100,000 at the end of every year. Assuming a rate of return of 8%, how much do you need today to buy the ordinary annuity contract? $1,455,457 $1,165,980 $1,165,457 $1,133,457

After consulting with your financial advisor, you figured that you need $100,000 per year for your living during 35 years of the retirement period. You consider buying an annuity contract that will pay $100,000 at the end of every year. Assuming a rate of return of 8%, how much do you need today to buy the ordinary annuity contract? $1,455,457 $1,165,980 $1,165,457 $1,133,457