A retirement account has $260,000.00 that will be used to start an annuity that earns 4.1%, compounded monthly. The annuity will make payments at the end of every month in the amount of $1,200.00. How long will this annuity last?
A retirement account has $260,000.00 that will be used to start an annuity that earns 4.1%, compounded monthly. The annuity will make payments at the end of every month in the amount of $1,200.00. How long will this annuity last?
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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A retirement account has $260,000.00 that will be used to start an annuity that earns 4.1%, compounded monthly. The annuity will make payments at the end of every month in the amount of $1,200.00. How long will this annuity last?
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