Question
professors annuity corp. offers a lifetime annuity to retiring professors. For a payment of $74,000 at age 65, the form will pay the retiring professor
professors annuity corp. offers a lifetime annuity to retiring professors. For a payment of $74,000 at age 65, the form will pay the retiring professor $450 until death.
If the professors lifetime expectancy is 15 years, what is the monthly interest rate on this annuity?
what is the effective annual interest rate?
if the monthly interest rate is 0.75%, what monthly annuity payment can the firm offer to the retiring professor?
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Healthcare Finance An Introduction To Accounting And Financial Management
Authors: Louis Gapenski
1st Edition
1567930905, 978-1567930900
