Question
Seamus has paid $15,000 for a retirement annuity from which he will receive $2,122 at the and of every three months. The payments are deferred
Seamus has paid $15,000 for a retirement annuity from which he will receive $2,122 at the and of every three months. The payments are deferred for 12 years and interest is 5% compounded quarterly.
a) How many payments will Seamus receive?
b) What is the size of the final payment?
c) How much will Seamus receive in total?
d) How much of what he receives will be interest?
round up to nearest whole number
ANSWER THE FOLLOWING: A B C D
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
15th edition
978-0133428704
