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majarm majarm
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6 years ago
Knowing that the education costs for her kids would be huge, Roberta puts a lump sum of money from her inheritance in a savings account paying an interest of 4.69% compounded monthly. If ordinary annuity payments of $1500.00 per month are to be paid out of the account at the end of the month for four years starting fifteen years from now, how much did Roberta deposit?
A) $65 533
B) $32 474
C) $65 592
D) $32 723
E) $54 343
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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