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A firm will set up a fund for retirees. A cash contribution will be made today, in the amount of $2,000,000, and will assume to earn interest at the rate of 8% per annum. The fund will disburse monthly for 12 years, and the desired cash balance at the end of 12 years is $1,000,000. What is the monthly payment that can be made from this fund?

Answer

a.
$12,132
b.
$24,266
c.
$17,599
d.
$17,491

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M9873850

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