All of the following statements are true regarding the annuitization of a variable annuity contract EXCEPT: A variable annuity contracts require the holder to select a Life Annuity - Period Certain payout option B the variable annuity payout may vary depending on the performance of the underlying securities C the number of variable annuity units is fixed D the holder may not change the payout option after it is elected Review

Ichelle is attending college and has a part-time job. once she finishes college, michelle would like to relocate to a metropolitan area. she wants to build her savings so that she will have a "nest egg" to start her off. michelle works out her budget and decides she can afford to set aside $9090 per month for savings. her bank will pay her 4 %4% per year, compounded monthly, on her savings account. what will be michelle's balance in five years?