Peter worked for GM for 31 years. On his retirement, he opted for a pension buy-out and received $1 467 921. He invested his money in an annuity that provided for payments of $9000 at the end of every month. If interest is 4.4% compounded monthly, determine the size of the final payment.

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The Answer of Peter worked for GM for 31 years. On his retirement, he opted for a pension buy-out and received $1 467 921. He invested his money in an annuity that provided for payments of $9000 at the end of every month. If interest is 4.4% compounded monthly, determine the size of the final payment.

Peter Worked for GM for 31 Years