SOLUTION: Joan just received an inheritance worth $800,00. She decides on an annuity that give her monthly payments for the next 15 years. The annuity earns 4.2% interest, compounded monthly

Question 1071636: Joan just received an inheritance worth $800,00. She decides on an annuity that give her monthly payments for the next 15 years. The annuity earns 4.2% interest, compounded monthly. How much will the payments need to be so that the $800,000 draws drown to zero after 15 years?

Answer by ikleyn(52908)   (Show Source): You can put this solution on YOUR website!
.
Your first phrase is

"Joan just received an inheritance worth $800,00."

This phrase is written incorrectly.

Read it and fix the error.

        You are posting to the MATH forum !

        Do you understand the measure of your responsibility ??

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