An insurance broker calls you and despite your finance professor's warnings, you listen to their...
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Finance
An insurance broker calls you and despite your finance professor's warnings, you listen to their offer. The offered insurance product requires you to make payments every month of $71 and do so for the next 22 years (1st payment is 1 month from today). The insurance product offers to meet your required return of 9 % per year (i.e. effective), and pay interest every month. What amount of money should the insurance product promise you at the end of 22 years? (Round your answer to three decimal places. For example 1.23450 or 1.23463 will be rounded to 1.235 while 1.23448 will be rounded to 1.234. Only type in the number. Do not use $ sign, or the +/- sign to represent FV/PV).
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