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Knowing that the education costs for her kids would be huge, Roberta puts lump sum money from her ...

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Knowing that the education costs for her kids would be huge, Roberta puts lump sum money from her ...

Knowing that the education costs for her kids would be huge, Roberta puts lump sum money from her inheritance in a savings account paying an interest of 4.69% compounded semi-annually. 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

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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