Multiple Choice
Find the present value of the decreasing annuity necessary to fund a withdrawal of $100 per month for 20 years, if the annuity earns 3% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.
A) $18,147.28
B) $18,031.09
C) $18,003.70
D) $19,127.80
E) $18,218.40
Correct Answer:
Verified
Correct Answer:
Verified
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