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Home Q & A Board Science-Related Homework Help Mathematics
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gewusel gewusel
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6 years ago
For her daughter's university education, Carla Hackl has invested an inheritance in a fund paying 9.2% compounded quarterly. If ordinary annuity payments of $4750.00 per month are to be made out of the fund for 5 years and the annuity begins 7.75 years from now, how much was the inheritance?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
PMT = 4750, i = 0.092 ÷ 4 = 0.023, n = 5 × 12 = 60, c =   = 
p =  - 1 = 0.0076083
The amount in the fund 7.75 years from now (annuity begins):
  = 4750.00  = 4750.00(48.0273124) = $228 129.73
Today's balance:
PV = 228129.73   = $112 729.41
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