FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A personal account earmarked as a retirement supplement contains $342,400. Suppose $300,000 is used to establish an annuity that earns 4%, compounded quarterly, and pays

image text in transcribed
image text in transcribed

A personal account earmarked as a retirement supplement contains $342,400. Suppose $300,000 is used to establish an annuity that earns 4%, compounded quarterly, and pays $6500 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.) __ quarters

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

Discrete Mathematics

Discrete Mathematics

Authors: V K Balakrishnan

1st Edition

0486140385, 9780486140384

More Books

Students also viewed these Mathematics questions

Question

★★★★★
The current Occupational Safety and Health Administration (OSHA) ceiling limit for H 2 S is up to 20 ppm for general industry. If the H 2 S meter reads 35 mg/m 3 , is this level above or below the...

Answered: 1 week ago

Question

★★★★★
Find a phrase-structure grammar for each of these languages. a) The set consisting of the bit strings 0, 1, and 11 b) The set of bit strings containing only 1s c) The set of bit strings that start...

Answered: 1 week ago

Question

★★★★★
please help Tulsa Inc. reported the following data: Tulsa's gross profit percentage, rounded to the nearest tenth of a percent, is A. 52.1%. B. 47.9%. C. 53.1%. D. 54.0%

Answered: 1 week ago

Question

★★★★★
=+a) Draw the decision tree.

Answered: 1 week ago

Question

★★★★★
At the beginning of its fiscal year 2006, an analyst made the following forecast for General Mills, Inc., the consumer foods company, for 2006-2009 (in millions of dollars): General Mills reported...

Answered: 1 week ago

Question

★★★★★
The present value of the following cash flow stream is $7,500 when discounted at 9 percent annually. What is the value of the missing cash flow? (Do not round intermediate calculations and round your...

Answered: 1 week ago

Question

★★★★★
Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials...

Answered: 1 week ago

Question

★★★★★
Suppose a Dover store in Madison, Missouri, ended September 2021 with 600,000 units of merchandise that cost $8 each. Suppose the store then sold 110,000 units for $990,000 during October. Further,...

Answered: 1 week ago

Question

★★★★★
We have made the system of a production line that works full 24 hours for 7 days a week. We wanted to estimate the average queuing time of parts before a machine and for this reason we built a...

Answered: 1 week ago

Question

★★★★★
Margaret Dairy is a CPA and the managing partner of Dairy and Cheese, a regional CPA firm located in northwest Wisconsin. She just left a meeting with a well-respected regional credit union...

Answered: 1 week ago

Question

★★★★★
QUESTION 5 Company X has just produced the first unit: Direct material cost Direct manufacturing labor-hours Direct manufacturing labor cost per labor-hour $160,000 6,000 $30 $20 Variable...

Answered: 1 week ago

Question

★★★★★
based on the book risk upfront can you help me understand What are the four parameters that affect behavior, result, and narrative, and what they mean?

Answered: 1 week ago

Question

★★★★★
Encryptco must choose one project from two available projects. The data for each project are below. Use the present worth method to determine which project should be chosen. The MARR is 6 % annual...

Answered: 1 week ago

Question

★★★★★
If a process has a six-sigma capability, what is the process capability index? a. 1 b. 2 c. 6 d. 12

Answered: 1 week ago

Question

★★★★★
(a) If you were lent 17,000 for 64 days at 6%, how much interest would you pay? (b) If a debt factor offered to discount a 4,000 bill of exchange at 12%, and if the bill had an outstanding period of...

Answered: 1 week ago

Question

★★★★★
f 5,000 is invested for four years at 7% compound per annum, how much interest is earned over the five years?

Answered: 1 week ago

Question

★★★★★
What is the real rate of interest of discounting the bill of exchange in Question 45.3?

Answered: 1 week ago

Previous Question Next Question