Sinclair Wishes to Supplement His Retirement Income by $400 Per

question 210

Short Answer

Sinclair wishes to supplement his retirement income by $400 per month for the next 14 years. He plans to obtain a reverse annuity mortgage (RAM) on his home to meet this need. Estimate the amount of the mortgage he will require if the prevailing interest rate is 11% per year compounded continuously. Please round the answer to the nearest dollar.
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$__________

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Definitions:

Quality

The standard of something as measured against other things of a similar kind; the degree of excellence of something.

Quantity

The amount or number of a material or immaterial thing not usually estimated by spatial measurement.

Quality

The quality of an item when compared to other similar items; how excellent something is.

Categorical Proposition

A statement or assertion in logic that relates two classes or categories in a way that all, some, or none of the members of one class are included in the other.