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Charles is the sole beneficiary of his late uncle's life insurance policy. The face value of the policy is $785,000. Charles has decided to accept annual annuity payments o…

Charles is the sole beneficiary of his late uncle's life insurance policy. The face value of the policy is $785,000. Charles has decided to accept annual annuity payments o…
asked 138k views
2 votes
Charles is the sole beneficiary of his late uncle's life insurance policy. The face value of the policy is $785,000. Charles has decided to accept annual annuity payments of $95,000. The interest rate on the policy is 5%. How many annual payments will Charles receive from this policy?

A) 7.08 years worth of payments
B) 8.26 years worth of payments
C) 10.92 years worth of payments
D) None of the above

asked
User Alessandro Berardi
by
9.2k points

1 Answer

4 votes

Answer:

C) 10.92 years worth of payments

Step-by-step explanation:

answered
User Guo Huang
by
8.4k points
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