When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place fresh flowers o

Question

When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place fresh flowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $7. Based on actuarial tables,

When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place fresh flowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $7. Based on actuarial tables,

Explanation / Answer

Total EAR = 9.3 + 3.7 = 13% pa

Per week = 13/52 = 0.25%per week

Total cost = 7(1 + 0.25/100)^(52*30) = $344.14

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