The present value of an annuity that pays $1 million per year for n years,is $9 million.If the interest rate is 5% per annum,n is approximately equal to how many years?
A)45 years
B)8 years
C)11 years
D)16.5 years
E)12.25 years

Question

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The Answer of The present value of an annuity that pays $1 million per year for n years,is $9 million.If the interest rate is 5% per annum,n is approximately equal to how many years?
A)45 years
B)8 years
C)11 years
D)16.5 years
E)12.25 years

The Present Value of an Annuity That Pays $1 Million