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You are thinking of investing in an annuity that begins in 13 years, with the first payment occurring 13 years and 1 month from today
You are thinking of investing in an annuity that begins in 13 years, with the first payment occurring 13 years and 1 month from today (ordinary annuity--payments at the end of the period). The payments will be $2,339 per month and there will be 100 payments. Your broker says this investment is priced using a 7.2% APR compounded monthly. How much will you pay for this investment? (Round to the nearest dollar)
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