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ikrabbe ikrabbe
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7 years ago
The sum of $59 760.00 is invested at 9.5% compounded monthly for four years. After the four years, the balance in the fund is converted into an annuity due paying annually $15 240.00. If interest on the annuity is 9.57% compounded annually, what is the term of the annuity?
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 = 59760.00(1.0079167)48 
   = 59760.00(1.4601006) = $87255.47 =  (due)
87255.47 = 15240.00  (1.0957)
5.225357799 = 
0.500066741 = 1 - 1.0957-n
-n ln 1.0957 = ln .499933258
-n(0.0913934) = -0.693280672
n ≈ 7.6 years
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