Submit quiz A man is disabled in an accident and wants to receive an insurance payment that will provide him with $\$ 2800$ at the end of each month for 5 years. If the payment can be placed in an account that pays $6 \%$ compounded monthly, what size payment should he seek? He should seek a payment of $\$ \square$. (Simplify your answer. Round to the nearest cent as needed.)

Step 1 ：The man wants to receive a monthly payment of $2800 for 5 years. That's a total of 60 payments (12 months * 5 years). The interest rate is 6% compounded monthly, which means the monthly interest rate is 6%/12 = 0.5%.

Step 2 ：This is an annuity problem where we need to find the present value of all future payments. The formula for the present value of an annuity is: \(PV = PMT * [(1 - (1 + r)^{-n}) / r]\) where: \(PV\) is the present value (the size of the payment he should seek), \(PMT\) is the monthly payment ($2800), \(r\) is the monthly interest rate (0.5% or 0.005), \(n\) is the number of payments (60).

Step 3 ：We can plug in the values and calculate the present value. \(PMT = 2800\), \(r = 0.005\), \(n = 60\), \(PV = 144831.5701031667\)

Step 4 ：Final Answer: The man should seek a payment of \(\boxed{\$144,831.57}\).