A winner of the multi-state lotto won a one-time payout and decided to invest part of it into an annuity. If the winner invests $9,500,000.00 into a 30 year annuity that pays 3.1 %, compounded monthly and makes each month payments. What is the amount of each month payments? The payment would be $ (Round to 2 decimal places.)
A winner of the multi-state lotto won a one-time payout and decided to invest part of it into an annuity. If the winner invests $9,500,000.00 into a 30 year annuity that pays 3.1 %, compounded monthly and makes each month payments. What is the amount of each month payments? The payment would be $ (Round to 2 decimal places.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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