Question
Dick Eckel recently set up a TDA to save for his retirement. He arranged to have $135 taken out of each of his biweekly checks;
Dick Eckel recently set up a TDA to save for his retirement. He arranged to have $135 taken out of each of his biweekly checks; it will earn 978%
interest. He just had his twenty-ninth birthday, and his ordinary annuity comes to term when he is 65. (Round your answers to the nearest cent.)
(a) Find the present value of the given annuity. $
(b) Interpret the present value of the given annuity. You would have to invest a lump sum of $ now instead of $135 biweekly.
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Modeling the Dynamics of Life Calculus and Probability for Life Scientists
Authors: Frederick R. Adler
3rd edition
840064187, 978-1285225975, 128522597X, 978-0840064189
