As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more than $2.5 million. Suppose he invested $1.8 million in an ordinary annuity that earned 9.6%, compounded monthly. How much would he receive at the end of each month for the next 20 years? (a) Are you looking for the present or future value?

(b) Solve the problem.