A winner of the multi - state lotto won a one-time payout and decided to invest part of it into an annuity. If the winner invests $6, 700,000.00 into a 30 year annuity that pays 3.5%, compounded monthly and makes each month payments. What is the amount of each month payments? The payment would be $ . (Round to 2 decimal places.)

A winner of the multi - state lotto won a one-time payout and decided to invest part of it into an annuity. If the winner invests $6, 700,000.00 into a 30 year annuity that pays 3.5%, compounded monthly and makes each month payments. What is the amount of each month payments? The payment would be $ . (Round to 2 decimal places.)

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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