Short Answer
The rate of return offered by Reliance Insurance Co. on its 20-year annuities is 4.8% compounded monthly. Thom wishes to purchase an annuity from Reliance that will provide him with month-end payments of $1000 for the next 20 years. How much will Reliance charge Thom for this annuity?
Correct Answer:
Verified
Correct Answer:
Verified
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