Question

Selyn Cohen is 63 years old and recently retired. He wishes to provide aretirement income for himself and is considering an annuity contract with the Philo Life Insurance Company. Such a contract pays him an equal dollar payment each year that lives. For this cash flow stream, he must put up some specific amount of money at the beginning. According to the actuary tables, his life expectancy is 15 years, and that is the duration on which the insurance company basis its calculations regardless of how long he lives actually.If Philo Life uses a compound annual interest rate of 5 percent in its calculations, what amount must Cohen pay at the outset for an annuity to provide him with $ 10,000 at the end of each year?Also if consider the insurance company will pay Cohen they annuity payments at the start of the yearwhat must he should pay to buy this insurance policy contract?

Answer 1

Answer:

why

Explanation:

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