question archive Consider an insurance policy that promises to pay the holder $2,467 per month for the next 20 years
Consider an insurance policy that promises to pay the holder $2,467 per month for the next 20 years
Subject:FinancePrice: Bought3
Consider an insurance policy that promises to pay the holder $2,467 per month for the next 20 years. The first payment will be one month after the purchase of the policy. (This type of policy is called a term annuity.) The appropriate discount rate is an APR of 785%, compounded monthly What is the value of this policy? Round your answer to the nearest dollar.
