Your uncle is about to retire, and he wants to buy an annuity that will provide him with $73,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 5.25%. How much would it cost him to buy the annuity today?
Your uncle is about to retire, and he wants to buy an annuity that ...
Response provides steps to compute the value of an annuity