Silva is contemplating to buy a 20 year annuity paying $2500 at the end of each month. What amount will be required to purchase the annuity, if the annuity provides a return of 6.75% compounded annually?
A) $334 000
B) $47 246
C) $600 000
D) $37 037
E) $567 436
Correct Answer:
Verified
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