Question
An elderly couple invested $18,000 into an account earning 7.35% compounded monthly 45 years ago. Now they are reinvesting that money into an annuity that
An elderly couple invested $18,000 into an account earning 7.35% compounded monthly 45 years ago. Now they are reinvesting that money into an annuity that earns .275% per month and receiving monthly payments for the next 15 years. How much will the annuity pay out each month?
(write the answer in the form $x,xxx.xx/mo.)
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Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe
13th Edition
1260772381, 978-1260772388
