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Garrett Chan

06/03/2024 · Senior High School

A man is disabled in an accident and wants to receive an insurance payment that will provide him with \( \$ 1900 \) at the end of each month for \( 20 \) years. If the payment can be placed in an account that pays \( 9 \% \) compounded monthly, what size payment should he seek? 

 

He should seek a payment of \( \$ \square \) . 

(Simplify your answer. Round to the nearest cent as needed.) 

Answer
expertExpert-Verified Answer

Morrison Wheeler
Specialized Tutor
4.0 (41votes)

He should seek a payment of \(\$ 211175.41\)  

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