Question
Mike has an annuity worth $1,000,000 earning 2.5% interest compounded monthly. If he sets it up so that he receives a monthly payment of $2500,
Mike has an annuity worth $1,000,000 earning 2.5% interest compounded monthly. If he sets it up so that he receives a monthly payment of $2500, how long will the money last? Give your answer to the nearest month, then convert to years.
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Essentials Of Real Estate Finance
Authors: Doris Barrell
15th Edition
1475462077, 978-1475462074
