13 Min has 590 000 in an annuity that pays 4 4 per year

Last updated: 5/26/2023

13 Min has 590 000 in an annuity that pays 4 4 per year compounded monthly He wishes to make monthly withdrawals for the next 20 years beginning at the end of this month a Determine the maximum monthly payment that Min can receive b How much interest will he earn over the life of the annuity c Determine the maximum monthly payment that Min would receive if the interest rate were 5 per year compounded monthly d Determine the maximum monthly payment Min would receive if the interest rate were 6 per year compounded monthly