Question
A personal account earmarked as a retirement supplement contains $358,000. Suppose $300,000 is used to establish an annuity that earns 6%, compounded quarterly, and pays
A personal account earmarked as a retirement supplement contains $358,000. Suppose $300,000 is used to establish an annuity that earns 6%, compounded quarterly, and pays $6500 at the end of each quarter. How long will it be until the value of the annuity is $0? (Round your answer UP to the nearest quarter.) How many quarters?
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Take Charge Of Your Money Now Essential Strategies For Winning In Any Financial Climate
Authors: A.J. Monte, Rick Swope
1st Edition
0345517334, 978-0345517333
