Sinclair wishes to supplement his retirement income by $400 per month for the next 14 years. He plans to obtain a reverse annuity mortgage (RAM) on his home to meet this need. Estimate the amount of the mortgage he will require if the prevailing interest rate is 11% per year compounded continuously. Please round the answer to the nearest dollar.

$__________

Question

Sinclair wishes to supplement his retirement income by $400 per month for the next 14 years. He plans to obtain a reverse annuity mortgage (RAM) on his home to meet this need. Estimate the amount of the mortgage he will require if the prevailing interest rate is 11% per year compounded continuously. Please round the answer to the nearest dollar.
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$__________

Quizplus · Accepted Answer

The Answer of Sinclair wishes to supplement his retirement income by $400 per month for the next 14 years. He plans to obtain a reverse annuity mortgage (RAM) on his home to meet this need. Estimate the amount of the mortgage he will require if the prevailing interest rate is 11% per year compounded continuously. Please round the answer to the nearest dollar.
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$__________

Sinclair Wishes to Supplement His Retirement Income by $400 Per