A wealthy businessman left an estate of $2,500,000 to his 3 surviving children. The children are to receive annual annuity payments in the ratio of 3:2:1 for 30 years. If the estate earns 8% compounded annually, what are the annuity payments of the 3 surviving children? Thanks for help.
According to annuity calculator at
payout would be 222,268.58 annually
divided amongst the three
3/6 = $ 111134.29 annually
2/6 = 74,089.53