Determining the finance annuity

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Reference no: EM1329696

1. Rupert is 76 years old and he expects to live 16 years. He wants to set up an annuity to make level payments at the end of each year he expects to live. He has $560,000; if the interest rate is 7%, how much can he expect to receive each year?

A. $44,521.36
B. $52,513.61
C. None of the Above
D. $62,366.55

Reference no: EM1329696

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