Question
5. The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an
5. The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an annuity paying $3600 at the end of every three months. If interest on the annuity is 5.9% compounded quarterly, for how many months is the term of the annuity?
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Mathematical Excursions
Authors: Richard N Aufmann, , Joanne Lockwood, Richard D Nation, Daniel K Clegg
3rd Edition
1305161793, 9781305161795
