Suppose a 65-year-old person wants to purchase an annuity, Finance Basics

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Suppose a 65-year-old person wants to purchase an annuity

Suppose a 65-year-old person wants to purchase an annuity from an insurance company that would pay $20,000 per year until the end of that person's life. The insurance company expects this person to live for 15 more years and would be willing to pay 6 percent on the annuity. How much should the insurance company ask this person to pay for the annuity?

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Finance Basics: Suppose a 65-year-old person wants to purchase an annuity

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Finance Basics: Suppose a 65-year-old person wants to purchase an annuity

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