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How much would cost to buy the annuity today

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Reference no: EM132907745

Problem 1: Now that your uncle has decided to retire, he wants to buy an annuity that will provide him with $85,000 of income a year for 25 years, with the first payment coming immediately. The going rate on such annuities is 5.15%. How much would it cost him to buy the annuity today?

a. $1,063,968
b. $1,119,966
c. $1,303,008
d. $1,178,912
e. $1,240,960

Reference no: EM132907745

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