Della Ware has accumulated $600,000 in her RRSP and is about to purchase a 25-year annuity from which she will receive month-end payments. The money used to purchase the annuity will earn 4.8% compounded monthly. a. What will be the monthly payment without indexing? b. What will be the initial payment if payments grow by 2.4% compounded monthly? c. How long will it be until the monthly payment from the indexed annuity exceeds the monthly payment from the constant-payment annuity?
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