An eighteen year old receives an annuity on her birthday, Ask an Expert

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An eighteen year old receives an annuity on her birthday from her great uncle's estate paying 3,000 on her nineteenth birthday and subsequent payments that increase by $500 per year until age thirty-five. Find the value of the annuity on her eighteenth birthday assuming an interest rate of 7.25% compounded monthly.

(A) 53,352

(B) 55,241

(D) 59,299

(E) 62,789

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92075080

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