An annuity with a cash value of $10 500 pays $900 at the beginning of every three

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An annuity with a cash value of $10 500 pays $900 at the beginning of every three months. The investment earns 11% semi-annually.
(a) How many payments will be paid?
(b) What is the size of the final annuity payment?
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,...
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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