Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.) Find the future value for the ordinary annuity with the given payment and interest rate. PMT = $850; 1.15% compounded semiannually for 3 years.

image text in transcribedimage text in transcribedimage text in transcribed

1.)

image text in transcribedimage text in transcribedimage text in transcribed
Find the future value for the ordinary annuity with the given payment and interest rate. PMT = $850; 1.15% compounded semiannually for 3 years. The future value of the ordinary annuity is $ (Do not round until the final answer. Then round to the nearest cent as needed.)Find the future value for the ordinary annuity with the given payment and interest rate. PMT = $3,000; 1.45% compounded quarterly for 12 years. The future value of the ordinary annuity is $ (Do not round until the final answer. Then round to the nearest cent as needed.)Find the amount of each payment to be made into a sinking fund earning 5% compounded monthly to accumulate S45, over 8 years. Payments are made at the end of each period. The payment size is 3|:l. [Do not round until the final answer. Then round to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finite Mathematics And Calculus With Applications

Authors: Margaret L Lial, Raymond N Greenwell, Nathan P Ritchey

9th Edition

0321831098, 9780321831095

More Books

Students also viewed these Mathematics questions