A Retiree Inherits $90,000 and Invests It at an Annual

question 68

Multiple Choice

A retiree inherits $90,000 and invests it at an annual rate of 8%, compounded monthly, in an annuity that provides an amount at the end of each month for the next 20 years. Find the monthly amount. Round your answer to the nearest cent. ​

• A) $3,262.12
• B) $7,026.10
• C) $2,007.46
• D) $752.80
• E) $627.33

---

Definitions:

Vision

The sense that allows the perception of shapes, colors, and depth through the processing of light by the eyes and brain.

Experiences

Events or occurrences which leave an impression on someone.

Children

Young human beings who are not yet adults, often defined as persons under the age of 18 years.

Trick

A cunning or skillful act or scheme intended to deceive or outwit someone.