Now Jeremy use 2800000 to invest annuity.some information about this fund as below:
- Monthly payments at the end of each month.
- Total term of 8 years
- Residual value of annuity (at end of the total term) equal to 50% of the purchase price - Nominal rate of return provided by annuity of 8% p.a. compounded monthly.
What is the amount Jeremy will receive from the annuity?