Question
A company wants to provide a retirement plan for an employee who is aged 55 now. The plan will provide her with an annuity-immediate of
A company wants to provide a retirement plan for an employee who is aged 55 now. The plan will provide her with an annuity-immediate of $7000 every year for 15 years upon her retirement at the age of 65. The company is funding this plan with an annuity-due of 10 years. If the annual rate of interest is 5%, what is the amount of installment the company should pay?
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Case Studies In Finance
Authors: Robert Bruner, Kenneth Eades, Michael Schill
6th Edition
0073382450, 978-0073382456
