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 compounded quarterly, for how many months is the term of the annuity ...

PMT 57400 i 0005 n 72 After 6 years Term of the annuity PV 49 59868 PMT ...

The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in

Question:

The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an paying $3600 at the end of every three months. If interest on the is 5.9% compounded quarterly, for how many months is the term of the 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,...