Collin buys a fixed deferred annuity. Upon annuitization, he chooses the life annuity with period certain payout option. Collin will receive $3,000 each month with a 15-year certain period. If Collin dies after seven years, how much will his beneficiary receive?
2 answers:
Answer:
$288,000
Explanation:
Given:
Payment per month = $3,000
Remain period = 15 year - 7 year = 8 year
Total payment period = 8 year x 12 month = 96 month
Computation of total remain beneficiary amount:
Total remain beneficiary amount = Payment per month x 96 month
Total remain beneficiary amount = $3,000 x 96
Total remain beneficiary amount = $288,000
Answer:
$288,000
Explanation:
Given that
Each month received amount = $3,000
Time period = 15 years
Died = After 7 years
The computation of the amount received by the beneficiary is
= Each month received amount × total number of months in a year × remaining years
= $3,000 × 12 months × 8 years
= $288,000
The remaining years is
= 15 years - 7 years
= 8 years
Hence, the beneficiary amount received is $288,000
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