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Calculate the expected break- even apr

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you set aside $1 million for an immediate annuity with the following terms: you will get monthly income starting from next month, the monthly income is $5,000 paid at the end of each month until death. Suppose you expect to like for additional 20 years.

Question 1: Calculate the expected break- even APR (i.e., the APR at which the present value of the annuity payments equals $1 million).

Reference no: EM132460634

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