An automotive mechanic charges a flat diagnostic fee of $25 to diagnose the problem in a vehicle and $65 per hour for labor to f
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Answer:
Monthly payment is $5970
Step-by-step explanation:
Given : April invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 89. April invested a $1,000,000 into the annuity, which earns 4.4% APR compounded monthly.
To find : what is April's monthly payment amount?
Solution :
Formula of monthly payment
Monthly payment,
Discount factor
Where, Amount = $1,000,000
Rate r= 4.4%=0.044 compounded monthly
Time = 89-65=23 years
Now, put all the values we get,
Monthly payment,
Approximately,monthly payment is $5970