Aaron deposited $900 every 6 months for 20 years into a fund paying 5.5% compounded semi-annually. Five

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Aaron deposited $900 every 6 months for 20 years into a fund paying 5.5% compounded semi-annually. Five years after the last deposit, he converted the existing balance in the fund into an ordinary annuity paying him equal monthly payments for 15 years. If interest on the annuity is 6% compounded monthly, what is the size of the monthly payment he will receive?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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