Gary Has Determined He Wants an Annuity Paying $10,000 a Year

question 1

Multiple Choice

Gary has determined he wants an annuity paying $10,000 a year for 10 years,with the first payment payable on his 60^th birthday.If j₁ = 8%,what single deposit must he make on his 40^th birthday to fund this annuity?

• A)$13,329.96
• B)$14,396.36
• C)$15,548.07
• D)$16,791.91

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