Business

31 May, 20:13

Charles is the sole beneficiary of his late uncle's life insurance policy. The face value of the policy is $785,000. Charles has decided to accept annual annuity payments of $95,000. The interest rate on the policy is 5%. How many annual payments will Charles receive from this policy?

A) 7.08 years worth of payments

B) 8.26 years worth of payments

C) 10.92 years worth of payments

D) None of the above

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