Homework Answers
PV of Annuity = Monthly Spending * [{1 - (1 + r)-n} / r]
= $5,800 * [{1 - (1 + 0.108/12)-(28*12)} / (0.108/12)]
= $5,800 * [0.9507 / 0.009]
= $5,800 * 105.6368
= $612,693.72
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