Question
For her daughters education, Dale has invested an inheritance in a fund paying 5.2% compounded quarterly. If ordinary annuity payments of $178 per month are
For her daughters education, Dale has invested an inheritance in a fund paying 5.2% compounded quarterly. If ordinary annuity payments of $178 per month are to be made out of the fund for 8 years, how much was the inheritance?
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An Introduction to the Mathematics of Financial Derivatives
Authors: Ali Hirsa, Salih N. Neftci
3rd edition
012384682X, 978-0123846822
