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What monthly income will Megan receive

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Question - Megan, a widow, joined her employer's defined contribution pension plan 28 years ago, and is now reaching age 65. Megan would like to use her pension assets of $267,432 to purchase a life annuity with monthly payments starting at the end of her first month of retirement. Assuming an annual nominal return of 5%, compounded monthly, and a life expectancy of 25 years, what monthly income will Megan receive from her current pension assets?

a. $1,595.23

b. $1,556.89

c. $1,236.12

d. $1,563.38

Reference no: EM133076989

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