May be pay Life Insurance Company is selling a annuity contract for $70,000. The contract will make
Question:
May be pay Life Insurance Company is selling a annuity contract for $70,000. The contract will make monthly payments of $350 for the next 35 years.
a. What is the monthly interest rate on this contract?
b. What is the APR?
c. What is the effective annual return?
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...
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A We have PV 70000 A 350 and n 3512 420 PV A PVIFA I n 7000...View the full answer
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Gabriela Rosalía Castro
I have worked with very different types of students, from little kids to bussines men and women. I have thaught at universities, schools, but mostly in private sessions for specialized purpuses. Sometimes I tutored kids that needed help with their classes at school, some others were high school or college students that needed to prepare for an exam to study abroud. Currently I'm teaching bussiness English for people in bussiness positions that want to improve their skills, and preparing and ex-student to pass a standarized test to study in the UK.
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