Shelly invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 88. Shelly invested $800,000 into the annuity, which earns 4.8% APR, compounded monthly. With this annuity,

Shelly invested in a lifetime annuity that begins payments at age 65. Her life

expectancy is 88. Shelly invested $800,000 into the annuity, which earns 4.8%
APR, compounded monthly. With this annuity, what is Shelly's monthly
payment amount?
A. $4756.93
B. $4792.38
C. $4984.72
D. $4897.79

1 Answer

Shelly invested in a lifetime annuity that begins payments at age 65. Her life expectancy is 88. Shelly invested $800,000 into the annuity, which earns 4.8% APR, compounded mont…

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