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You can afford to save $1500 per month at a monthly interest rat of r =.08. You save for 10 years ( 120 months). using
You can afford to save $1500 per month at a monthly interest rat of r =.08. You save for 10 years ( 120 months). using your savings to fund an annuity. You will draw down your annuity over a 20 year (= 240 month) period. What will be the annuity's monthly payment to you? a. $3011.38 b. $1826.34 c. $2364.67 d. None of these
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