The amount of $10 000 is put into a four- year term deposit paying 3.5% compounded semi-annually.

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The amount of $10 000 is put into a four- year term deposit paying 3.5% compounded semi-annually. After four years the deposit is converted into an ordinary annuity of equal semi-annual payments of $932 each. If the interest rate remains the same, what is the term of the annuity?
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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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