Your Father Is About to Retire,and He Wants to Buy

question 52

Multiple Choice

Your father is about to retire,and 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)$1,178,912
• D)$1,240,960
• E)$1,303,008

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Definitions:

Legislative Protections

Laws and regulations designed to protect the rights and welfare of individuals, such as workers or consumers, in various aspects of life and commerce.

Industrial Unions

Labor unions that organize workers across all crafts and trades within an entire industry, rather than according to the specific skills they possess.

Craft Unions

Labor organizations that represent workers in a specific trade or craft, focusing on skills and qualifications unique to that craft as the basis for membership.

Jurisdictional Fights

Conflicts between different unions or sections of unions over the right to represent a certain group of workers or perform specific job tasks.