Multiple Choice
Your uncle is about to retire,and he wants to buy an annuity that will provide him with $80,000 of income a year for 20 years,with the first payment coming immediately.The going rate on such annuities is 5.25%.How much would it cost him to buy the annuity today?
A) $955,507.24
B) $1,202,089.76
C) $1,027,427.14
D) $1,243,186.84
E) $1,058,249.96
Correct Answer:
Verified
Correct Answer:
Verified
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