Multiple Choice
How much will it cost to purchase a 20-year indexed annuity in which the end of quarter payments start at $6,000 and grow by 0.5% every quarter? Assume that the money used to purchase the annuity earns 8% compounded quarterly.
A) $277,727
B) $480,000
C) $316,842
D) $516,667
E) $326,744
Correct Answer:
Verified
Correct Answer:
Verified
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