Emma decides to invest $990,000 in a period annuity that earns a 2.2% APR,
compounded monthly, for a period of 20 years. How much money will Emma
be paid each month?
O A. $4293.22
O B. $6462.32
O C. $5102.56
O D. $3759.04

The correct answer is D. 3759.04

Explain

The formula is

PMT= amount {APR/n/(1+APR/n)^ny-1

APR is rate per year

N - is number of month

Y- number of year

Now let me begin ...

amount = 990,000
APR= 2.2%
N=12
Y= 20 yrs

Now let’s put all this in the formula and simplify

Pmt = 990000{2.2/12/(1+2.2/12)^12x20-1

Now simply

Pmt= 990000{0.18333/(1+0.18333)^240 -1

990000{0.18333/(1.18333)^240 -1}

1.00183333^240 -1= 0.55208

Pmt = 990000x 0.00183333/0.55208

1814.9967/0.55208

= 3759.04

Sorry for taking long , I have to check my work twice before sending , so I can give you correct answer

I hope this help you :D

Emma decides to invest $990,000 in a period annuity that earns a 2.2% APR,compounded monthly, for a period of 20 years. How much money will Emmabe paid each month?O A. $4293.22O B. $6462.32O C. $5102.56O D. $3759.04​

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Emma decides to invest $990,000 in a period annuity that earns a 2.2% APR,
compounded monthly, for a period of 20 years. How much money will Emma
be paid each month?
O A. $4293.22
O B. $6462.32
O C. $5102.56
O D. $3759.04