Suppose Becky has her choice of $10,000 at the end of each month for life or a single prize of $1.5 million. She is 35 years old and her life expectancy is 40 more years. If she takes the $1.5 million, spends $700,000 of it, and invests the remainder at an annual rate of 7.0% compounded monthly, what monthly annuity will she receive for the next 40 years? Round your answer to the nearest cent.
?
A. $497.15
B. $4,971.45
C. $52,821.66
D. $1,864.29
E. $7,457.18
Answer: B
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