You have your choice of two investment accounts. Investment A is a 12-year annuity that features end-of-month $1,000 payments and has an interest rate of 6.5 percent compounded monthly. Investment B is a 6 percent continuously compounded lump sum investment, also good for 12 years.
How much money would you need to invest in B today for it to be worth as much as Investment A 12 years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Amount needed $
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