Question
Your grandmother bought an annuity from Rock Solid Life Insurance Company for $270,000 when she retired. In exchange for the $270,000, Rock Solid will pay
Your grandmother bought an annuity from Rock Solid Life Insurance Company for $270,000 when she retired. In exchange for the $270,000, Rock Solid will pay her $25,000 per year until she dies. The interest rate is 3%. How long must she live after the day she retired to come out ahead (that is, to get more in value than what she paid in)?
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International Finance For Dummies
Authors: Ayse Evrensel
1st Edition
111852389X, 978-1118523896
