An uncle of yours who is about to retire wants to sell some of his stock and buy an annuity that will provide him with income of $50, 000 per year for 30 years, beginning a year from today.The going rate on such annuities is 7.25%.How much would it cost him to buy such an annuity today?
A) $574, 924
B) $605, 183
C) $635, 442
D) $667, 214
E) $700, 575
Correct Answer:
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