Find the present value of the decreasing annuity necessary to fund a withdrawal of $100 per month for 20 years, if the annuity earns 3% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.
A)$18,147.28
B) $18,031.09
C) $18,003.70
D) $19,127.80
E) $18,218.40

Question

Find the present value of the decreasing annuity necessary to fund a withdrawal of $100 per month for 20 years, if the annuity earns 3% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent. ​
A)$18,147.28
B) $18,031.09
C) $18,003.70
D) $19,127.80
E) $18,218.40

Quizplus · Accepted Answer

The Answer is B

Find the Present Value of the Decreasing Annuity Necessary to Fund