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Your insurance agent is trying to sell you an annuity that costs $230,000 today. By buying this annuity, your agent promises that you will receive payments of $1,225 a month for the next 30 years....

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Your insurance agent is trying to sell you an annuity that costs $230,000 today. By buying this annuity, your agent promises that you will receive payments of $1,225 a month for the next 30 years. What is the rate of return on this investment?
Answered Same Day Dec 24, 2021

Solution

Robert answered on Dec 24 2021
132 Votes
Your insurance agent is trying to sell you an annuity that costs $230,000 today. By
uying this annuity, your agent promises that you will receive payments of $1,225 a
month for the next 30 years. What is the rate of return on this investment?
Solution:
PV of annuity = $230,000
Monthly...
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