Business, 30.03.2021 01:00 skyleezarain487

Sophia purchased a variable annuity contract with a purchase payment of $75,000. Surrender charges begin with 7 percent in the first year and decline by 2 percent each year. In addition, Sophia can withdraw 10 percent of her contract value each year without paying surrender charges. In the first year, Sophia needed to withdraw $13,000. Assume that the contract value had not increased or decreased because of investment performance. What was the surrender charge Sophia had to pay

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Sophia purchased a variable annuity contract with a purchase payment of $75,000. Surrender charges b...

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