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Hillier Hillier
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7 years ago
The amount of $75 400.00 is invested at 9.65% compounded quarterly for 3 years. After 3 years the balance in the fund is converted into an annuity. If interest on the annuity is 6.75% compounded semi-annually and payments are made at the end of every six months for 8 years, what is the size of the payments?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
FV = 75400.00(1.024125)12
   = 75400.00(1.3311764) = $100 370.70 =   
100370.70 = PMT 
100370.70 = PMT(12.2084378)
$8221.42 = PMT
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