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Floyd decides to invest $1,000,000 in a 20-year annuity that earns 4.6% APR compounded monthly. How much money will Floyd be paid each month from this annuity?

Floyd decides to invest $1,000,000 in a 20-year annuity that earns 4.6% APR compounded monthly. How much money will Floyd be paid each month from this annuity?
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Floyd decides to invest $1,000,000 in a 20-year annuity that earns 4.6% APR compounded monthly. How much money will Floyd be paid each month from this annuity?

asked
User Ragepotato
by
7.7k points

1 Answer

5 votes

Answer:

$6380.38

Explanation:

answered
User Pianosaurus
by
7.6k points
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