How much can he expect to receive per year

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Reference no: EM131616656

A 65-year-old person has saved $2.9 millions and wishes to receive 18 annual annuity payments, beginning in one year. If the annuity rate is 3.05 percent, how much can he expect to receive per year? Answer format: Keep two decimal places. Do not use dollar sign or thousands separators.

Reference no: EM131616656

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