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Ishara Kariyawasam Ishara Kariyawasam
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3 years ago
Charlie Stone wants to retire in 30 years, and he wants to have an annuity of $1000 a year for 20 years after retirement. Charlie wants to receive the first annuity payment at the end of the 30th year. Using an interest rate of 10%, how much must Charlie invest today in order to have his retirement annuity (round to nearest $10).

Select one:

a.
$490


b.
$500


c.
$540


d.
$570
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#1
Educator
3 years ago
C is the correct answer:
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