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A man has children aged 12, 15, and 20. He purchases annuities for each one that pay 3,000 per year with the first payment happening one year from today and continuing as long as the recipient is under 30. The annual interest rate is 8%. What is the total cost of these annuities? Round to 2 decimal places.

- October 5, 2022 - Edwin Tunner

A man has children aged 12, 15, and 20. He purchases annuities for each one that pay 3,000 per year with the first payment happening one year from today and continuing as long as the recipient is under 30. The annual interest rate is 8%. What is the total cost of these annuities? Round to 2 decimal places.

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