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You are an insurance company and have sold an annuity to a customer. The annuity pays 240 monthly payments (the same each month) starting 12

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You are an insurance company and have sold an annuity to a customer. The annuity pays 240 monthly payments (the same each month) starting 12 months from today. The monthly payments are $500 per month. If your firm earns 5% APR (compounded monthly) on its investments, how much does it have to invest today to just cover the cost of the annuity? $71,822 $75,971 $75,763 O $72,375

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