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Mary Welch is retiring this year and wishes to set up an annuity for 20 years of her retirement. MetLife will pay her 3.60% on

  1. Mary Welch is retiring this year and wishes to set up an annuity for 20 years of her retirement. MetLife will pay her 3.60% on that annuity, and she will fund it with $400,000. What will be her quarterly income from the annuity?
  2. If she wants $9,000 per quarter, what must she put into the annuity, to the nearest dollar?

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