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PLEASE SHOW WORK AND FORMULAS! A policyholder wishes to annuitize the cash value of his insurance policy at retirement. The cash value is $725,000. What

image text in transcribedPLEASE SHOW WORK AND FORMULAS!

A policyholder wishes to annuitize the cash value of his insurance policy at retirement. The cash value is $725,000. What payment (to the nearest dollar) can he expect if he wishes to receive 15 years of semiannual payments, (starting next year) and interest rates are 5.25 percent? A). $43,333 B). $55,555 C). $71,033 D). $60,524 E). $35,219

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