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Retirement Planning To supplement her pension in the early years of retirement Lucy plans to...

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Algebra

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Retirement Planning To supplement her pension in the early years of retirement Lucy plans to ise 200 000 of her savings as an ordinary annuity that will make monthly payments to her for 20 years If the interest rate is 5 0 how much will each payment be PMT 1 1 0 PV PMT Present Value of an Ordinary Annuity The present value PV of an ordinary annuity is given by 1 1 5 PV PMT or PV PMT where PMT is the payment at the end of each period i r m is the interest rate per period r is the annual interest rate mis the number of periods per year and n is the total number of periods

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