(Answered) Your father is about to retire and he wants to buy an

Economics

Your father is about to retire, and he wants to buy an annuity that will provide him with $85,000 of income a year for 25 years, with the first payment coming IMMEDIATELY. The going rate on such annuities is 5.15%. How much would it cost him to buy the annuity today? SHOW YOUR CALCULATIONS TO EARN ANY CREDIT.

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