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How much will he receive every year

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Problem - Assume that a retired businessman bought an insurance plan at a cost of $170,250 on January 1, 2019. The insurance company promises to give him a return of 8%. The insurance company will pay the businessman equal amount of money at the end of every year in the form of annuities for five years. How much will he receive every year?

a. $34,050

b. $40,040

c. $42,640

d. $45,020

Reference no: EM132464138

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