The amount of $10 000 is put into a four- year term deposit paying 3.5% compounded semi-annually.

Question:

The amount of $10 000 is put into a four- year term deposit paying 3.5% compounded semi-annually. After four years the deposit is converted into an ordinary annuity of equal semi-annual payments of $932 each. If the interest rate remains the same, what is the term of the annuity? Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...