After Your Grandmother Retired,she Purchased an Annuity Contract for $250,000

question 42

Multiple Choice

After your grandmother retired,she purchased an annuity contract for $250,000 that will pay her $25,000 at the end of every year until she dies.The appropriate interest rate for this annuity is 8%.The number of years that your grandmother must live in order to get more value out of the annuity than what she paid for it is closest to:

• A)21
• B)16
• C)8
• D)10

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