Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. steve has an annuity worth $800,000 earning 3.1% i

Steve has an annuity worth $800,000 earning 3.1% interest compounded monthly. If he sets it...

70.2K

Verified Solution

Question

Finance

Steve has an annuity worth $800,000 earning 3.1% interest compounded monthly. If he sets it up so that he receives a monthly payment of $3000, how long will the money last? Give your answer to the nearest month, then convert to years.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

General Management
1.2K views

#1. Why are enterprise resource planning (ERP) systems growing in use and criticality at companies throughout...

Biology
1.2K views

The smoke and ash produced by fires started from the searing heat of the burning...

Biology
1.2K views

Part A How many valence shell electrons does the element carbon have H H H...

Physics
1.2K views

or the circuit shown in figure calculate a The current in the 2 2 resistor...

Physics
1.2K views

A projectile is thrown from a point O on the ground at an angle 45...

Statistics
1.2K views

Here are summary statistics for randomly selected weights of newborn girls n 36 x 3216...

Calculus
1.2K views

Consider the growth of a cell assumed to be spherical in shape Suppose that the...

Accounting
1.2K views

From the information: Determine the total product costs

Accounting
1.2K views

Richetti Inc.s shareholders equity accounts were as follows at the beginning of the current fiscal...

Accounting
1.2K views

The following accounts are taken from the ledger of Swifty Corporation at December 31, 2022....

Accounting
1.2K views

Question 18 Cash and office supplies are both classified as current assets. True False

Finance
1.2K views

A person wants to buy a house after seven years by making semiannual deposits of...