Witzke Retired from Ontario Hydro and Received a Payment of $980

question 172

Multiple Choice

Witzke retired from Ontario Hydro and received a payment of $980 000.00 at age 56. He invested that sum of money at 5.5% compounded semi-annually until he was 65. At that time he converted the existing balance into an ordinary annuity paying $10 250.00 every month, with interest at 5% compounded monthly. How many payments will be made?

• A) 252
• B) 21
• C) 271
• D) 183
• E) 23

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