(Chapter 21) You are 65 years old and have a retirement savings account with $3...
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(Chapter 21) You are 65 years old and have a retirement savings account with $3 million. You approach an insurance company about the possibility of exchanging your lump sum for an annuity payout and the insurance company offers you two choices: (1) A fixed annuity of $22,000 per month for 360 months (2) A lifetime annuity of $22,000 per month until you die What criteria would you use to decide between the two choices?
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