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majarm majarm
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6 years ago
Witzke retired from Ontario Hydro and received a payment of $980 000.00 at age 56. He invested that sum of money at 5.5% compounded semi-annually until he was 65. At that time he converted the existing balance into an ordinary annuity paying $10 250.00 every month, with interest at 5% compounded monthly. How many payments will be made?
A) 252
B) 21
C) 271
D) 183
E) 23
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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