Business, 13.04.2021 01:00, altstattlana

Sophia purchased a variable annuity contract with a purchase payment of $70,000. Surrender charges begin with 9 percent in the first year and decline by 1 percent each year. In addition, Sophia can withdraw 12 percent of her contract value each year without paying surrender charges. In the first year, Sophia needed to withdraw $13,700. 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 $70,000. Surrender charges b...