Question
An individual started to contribute $3k into her IRA (individual retirement account) on her 30th birthday. She did so annually for each birthday. Assuming she
An individual started to contribute $3k into her IRA (individual retirement account) on her 30th birthday. She did so annually for each birthday. Assuming she earned 8.5% per year. On her 65th birthday, she bought a 20-year annuity with the amount of money she had amassed in her IRA. The annuity pays 9% per year. How much can she receive per month? Ans.:$________.
- A. 5,643
- B. 5,464
- C. 5,201
- D. 5,210
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Principles Of Managerial Finance Brief
Authors: Chad J. Zutter, Scott B. Smart
8th Global Edition
1292267143, 978-1292267142
