Please complete #4

ORDINARY SIMPLE ANNUITIES nual rate of interest compounded id by the annuity? r 14 years, Casey has saved $7200 ng $30 to be deducted at the end of chrough a payroll deduction plan The money was sent to his savings (a) What is the nominal annual rate compounded monthly on the savintel (b) If, after the 14 years, he withdraw s $13 end of each month, what is the term annuity? invested aside for CASE 1. You won $100 000 in a lottery and you want to set some of that sum 10 years. After 10 years, you would like to receive $2400 at the end of 3 months for 8 years. How much of your winnings mast you set aside if int e 55% compounded quarterly? A sum of money is deposited at the end of evcey toonth for 10 years at 7.5% compounded monthly. After the last deposit, interes: for the account is compounded quarterly and the account is to be pid otur by quarterly payments of $4800 over six years. What is the size of the monthiy deposit? 3. Compute the nominal annual rate of interest compounded semi-annually on a loan of $48 000 repaid in installments of $4000 at the end of every 6 months in 10 yean 4. A loan of $14 400 is to be repaid in end-of-the-quarter payments of $600. How many payments are required to repay the loan at 10.5% compounded quarterly? 5. The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an annuity paying $3600 at the end of every three months. If interest on the annuity is 5.9% compou quarterly, for how many months is the term of the annuity? 6. A loan was repaid over seven years by end-of-month payments of $450. If int was 12% compounded monthly, how much interest was paid? 7. Ms. Simms made deposits of $540 at the end of every three months int ings account. For the first five years interest was 5% compounded quarte then the rate of interest has been 5.5% compounded quarterly. How r account balance after 13 years? How much interest is included in the accumulated value of $320 of every six months for four years if the interest rate is 65% semi-annually? end