Question
Cynthia purchases a retirement annuity that will pay her $2,000 at the end of every six months for the first twelve years and $900 at
Cynthia purchases a retirement annuity that will pay her $2,000 at the end of every six months for the first twelve years and $900 at the end of every month for the next five years. The annuity earns interest at a rate of 2.3% compounded quarterly.
a. What was the purchase price of the annuity?
b.How much interest did Cynthia receive from the annuity?
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Offshore Finance And State Power
Authors: Andrea Binder
1st Edition
0192870122, 978-0192870124
