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A $255,000 amount from an RRSP is used to purchase an annuity paying $6000 at the end of each ...

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A $255,000 amount from an RRSP is used to purchase an annuity paying $6000 at the end of each ...

A $255,000 amount from an RRSP is used to purchase an annuity paying $6000 at the end of each quarter. The annuity provides an annually compounded rate of return of 2.5%.

a) What will be the amount of the final payment?
b) What will be the interest portion of the 27^th payment?
c) What will be the principal portion of the 33^rd payment?
d) How much will the principal balance be reduced by Payments 14 to 20 inclusive?
e) How much interest will be paid by the payments received in the 6^th year?

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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mattloftergener

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More solutions for this book are available here

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aeropa84 Author

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

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