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Mrs Dorothy Hudson will retire from her job after 4 years. Her life-long savings as on today amount to $600,000. Assume she has no other expected pension income in future. After she retires, she wants to support her existing lifestyle. She is considering a post-retirement plan to invest in today. The plan offers a return of 8% annually. The plan will make 15 equal annual payments, the first one being paid on the day Dorothy retires & the plan will cease after the last payment. What is the annual payment Dorothy will receive in her post-retirement stage?