Sinclair Wishes to Supplement His Retirement Income by $450 Per

question 207

Short Answer

Sinclair wishes to supplement his retirement income by $450 per month for the next 15 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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