Find the Present Value of the Decreasing Annuity Necessary to Fund

question 64

Multiple Choice

Find the present value of the decreasing annuity necessary to fund a withdrawal of $100 per month for 20 years, if the annuity earns 3% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent. ​

• A)$18,147.28
• B) $18,031.09
• C) $18,003.70
• D) $19,127.80
• E) $18,218.40

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