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Ruth invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 90. Ruth invested $900,000 in the annuity, which earns 4.6% APR, compounded monthly. W…

Ruth invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 90. Ruth invested $900,000 in the annuity, which earns 4.6% APR, compounded monthly. W…
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4 votes
Ruth invested in a lifetime annuity that begins payments at age 65. Her life

expectancy is 90. Ruth invested $900,000 in the annuity, which earns 4.6%
APR, compounded monthly. With this annuity, what is Ruth's monthly payment
amount?

User VanHoesel
by
8.6k points

2 Answers

2 votes

Answer:

5053.71

Explanation:

User Marsel
by
7.9k points
3 votes

Answer:5053.71

Step-by-step explanation:

User Laptou
by
8.3k points
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