Actuarial science

June 30. 2007 Smith has been making deposits of 100 each into a bank account on the last day of each month. For all of 2007 and 2008 Smith's account earned nominal interest compounded monthly at an annual rate of 9%. For the first 9 months of 2009 the account earned i^(12) =.105. and since then the account has been earning =. 12. Clarification: Exercise 2.1.15 should read "For the situation described in Exercise 2.1.5, find the present value on June 1, 2007 of all of the payments made in 2007, 2008 and 2009 and January 31, 2010 combined. Assume the payment on January 31, 2010 is the final payment