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Calculate the monthly payments of investment

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Reference no: EM132630285

Your are the investment advisor for your aunt who would like to invest $1,000,000 with a AAA rated insurance company that will pay her a "monthly" fixed-payment "annuity" for the next 20-years (240 months). Calculate the monthly payments that she can expect to receive if the insurance company guarantees a 6 percent annual return on her investment and her first payment begins next month.

The monthly annuity payment may be calculated using the PVA:

Reference no: EM132630285

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