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