(Answered) Ruth a widow joined her employers defined contribution

Finance

Ruth, a widow, joined her employer's defined contribution pension plan 28 years ago and she is now reaching age 65. Ruth would like to use her pension assets of $167,432 to purchase a life annuity with monthly payments beginning at the end of her first month of retirement.

Assuming an annual nominal return of 5%, compounded monthly, and a life expectancy of 25 years, what monthly income will Ruth receive from her current pension assets?

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