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Caitlin invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 88. Caitlin invested $1,000,000 in the annuity
Question
Caitlin invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 88. Caitlin invested $1,000,000 in the annuity, which earns 4.1% APR, compounded monthly. With this annuity, what is Caitlin’s monthly payment amount?
A. $3907.93
B. $4100.00
C. $5601.87
D. $5432.86
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2021-07-30T13:19:42+00:00
2021-07-30T13:19:42+00:00 1 Answers
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Answer:
$5601.87
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