You are going to pay $100 into an account at the beginning of each of the next 40 years. At the
beginning of the 41st year you buy a 30 year annuity whose first payment comes at the end of the
41st year (the accounts earn 12%).
How much will you receive at the end of the 41st year (i.e., the
first annuity payment). Round to nearest $100.
A) $10,700 B) $11,400 C) $7,800 D) $93,000
A
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