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Posted on Sep 02, 2024

Suppose you plan to retire and buy an annuity that will provide you with income of $55,000 per year for 30 years, beginning a year

Suppose you plan to retire and buy an annuity that will provide you with income of $55,000 per year for 30 years, beginning a year from today. The going rate on such annuities is 7.25%. How much would it cost you to buy such an annuity today?

Group of answer choices

$698,986.52

$572,503.25

$778,870.69

$665,701.45

$519,247.13

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