Question
George purchased an annuity that provides payments of $4,500 at the end of every 3 months. The annuity is bought for $33,500 and payments are
George purchased an annuity that provides payments of $4,500 at the end of every 3 months.
The annuity is bought for $33,500 and payments are deferred for 12 years.
If interest is 4.94% compounded monthly, for how long will payments be received?
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
