Question
1) A personal account earmarked as a retirement supplement contains $242,100. Suppose $200,000 is used to establish an annuity that earns 5%, compounded quarterly, and
1) A personal account earmarked as a retirement supplement contains $242,100. Suppose $200,000 is used to establish an annuity that earns 5%, compounded quarterly, and pays $4500 at the end of each quarter. How long will it be until the account balance is $0? (Round your answer UP to the nearest quarter.)
2) A recent graduate's student loans total $13,000. If these loans are at 4.4%, compounded quarterly, for 8 years, what are the quarterly payments? (Round your answer to the nearest cent.)
3) For equipment upgrades, a business borrowed $300,000 at 8% compounded semiannually for 5 years. What are the semiannual payments (in dollars)? (Round your answer to the nearest cent
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