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Lada Lada
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Posts: 357
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6 years ago
Tom receives pension payments of $6000.00 at the end of every six months from a retirement fund of $90 000.00. The fund earns 8.00% compounded semi-annually.
a) How many payments will Tom receive?
b) What is the size of the final pension payment?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
a)    n =   =  =   = 23.36241894
b)    PVn = 6000.00  = 6000(0.352844567) = $2117.07
   Final payment = 2117.07 (1.04) = $2201.75
wrote...
4 years ago
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