Mr. Donatelli moved from Toronto to Winnipeg to take a job promotion. After selling their Toronto home and buying a home in Winnipeg, the Donatellis have $85,000 in cash on hand. If the funds are used to purchase a deferred annuity from a life insurance company providing a rate of return of 8.25% compounded annually, what payments will they receive at the end of every six months for 20 years after a 9-year deferral period?

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The Answer of Mr. Donatelli moved from Toronto to Winnipeg to take a job promotion. After selling their Toronto home and buying a home in Winnipeg, the Donatellis have $85,000 in cash on hand. If the funds are used to purchase a deferred annuity from a life insurance company providing a rate of return of 8.25% compounded annually, what payments will they receive at the end of every six months for 20 years after a 9-year deferral period?

Mr Donatelli Moved from Toronto to Winnipeg to Take a Job