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How large monthly payment would mary have made

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Reference no: EM132819883

Question - Mary wants to receive a payout of $1500 per month for 20 years.

1) How much money must be in the deposit if the money earns 4.2% compounded monthly? Explain

2) How large monthly payment would Mary have made if she saves for her payout annuity with an ordinary annuity, 30 years before she needed it? Assume that two annuities have the same interest rate 4.2%. Explain.

Reference no: EM132819883

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