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Retirement plan for the rogers family

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Reference no: EM133239560

Suppose you are making a retirement plan for the Rogers family. The family wishes to use their combined pension fund to purchase an annuity product that will pay $45,000 per year in perpetuity, and the first annuity income will be received at the end of this year. Suppose the appropriate rate of return on this product is 9% per year. What is the value of this annuity product now (at the time of purchase)?

Answer: $ (Round to the nearest dollar.)

What is the value of the product (at the time of purchase) if the family delays the purchase until the end of the year (and delay receiving their first income also for a year)? Read the question carefully before you answer!

Reference no: EM133239560

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