The future value of an annuity is $100,000. To achieve this total, an investor made end-of-year investments
Question:
The future value of an annuity is $100,000. To achieve this total, an investor made end-of-year investments of $1658.87 earning 5.2% compounded annually. How many annual investments were made?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
Given The annuity has 28 annual payments Its term ...View the full answer
Answered By
NIRMAL KUMAR
3 yr experience of online tutoring through various platforms
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted:
Students also viewed these Mathematics questions
-
1. Suppose someone offered you your choice of two equally risky annuities, each paying $5,000 per year for 5 years. One is an annuity due, while the other is a regular (or deferred) annuity. If you...
-
Assume that you have applied for a job with a bank. As part of the banks evaluation process, you have been asked to take an assessment that covers several financial analysis techniques. For each...
-
1. Ken recently got a raise. He decided to save all the extra money in a special account. His raise amounts to $150 every 2 weeks (26 times per year). The account earns 5.2% annually compounded every...
-
Tom Lamont, age 30, and Lin Lamont, age 31, have been married for six years. They got married right after Tom graduated from college. They have come to you for help in planning their financial...
-
A steam power plant operates on the following cycle producing a net power of 25 MW. Steam enters the turbine at 16 MPa, 550oC and enters the condenser as saturated mixture at 10 kPa. Sub cooled...
-
At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation for the year...
-
You are given that P(A) = 0.35 and P(B) = 0.25. Do you have enough information to find P(B) and P(A and B)? Explain. Determine whether the events are independent or dependent. Explain your reasoning.
-
Refer back to the section of the chapter entitled Preparing Adjusting Entries. Who determines how long buildings and furniture and equipment are to last? Who determines the dollar amount of accounts...
-
First, use both the text and Brady v US to explain plea bargaining. What features must a guilty plea have in order to be valid? Which constitutional rights are implicated by pleading guilty? (Make...
-
California Health Center, a for-profit hospital, is evaluating the purchase of new diagnostic equipment. The equipment, which costs $600,000, has an expected life of five years and an estimated...
-
What beginning-of-month withdrawals can a $400,000 RRIF (Registered Retirement Income Fund) sustain for 20 years if the investments within the RRIF earn 3.6% compounded monthly?
-
A $50,000 loan was advanced today. What payment is required at the end of every month for the next seven years to fully repay the debt if the interest rate on the loan is 7.5% compounded a. Monthly?...
-
Referring to the team decision making process, define consensus and unanimity, and explain the difference between the two.
-
Kim - Ly Vanhs bank granted her a single - payment loan of $ 2 , 5 8 0 for 9 0 days at 1 2 % ordinary interest. Her moms bank granted her the loan for 8 5 days at 1 3 % exact interest. How much would...
-
Summarize the key features of these occupations List an occupational title from each category, for example, Local Health Department Director would be under Public Health Administrator and describe...
-
On April 1, Catherine's employer provided her with a $100,000 loan at an annual interest rate of 5%. Assume that the prescribed interest rate was 3% for the year. If Catherine paid interest on the...
-
Find the product. (6+7x)2
-
Describe the basic concepts of overhead and departmental costs. Indicate how they are different and which one you think is more accurate and why.
-
Garfield Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity...
-
APC16550D UART has a clock running at18.432 MHz and its baud rate is set to 2000.Determine the HEX contents of its DLM and DLL registers. Please can you explain step by step and in detail how you get...
-
Is there a difference in incidence according to duration of use (Variables 14 and 15)? Cancer The data set in file BREAST.DAT consists of 1200 women in the NHS. The women were ascertained in 1990 and...
-
Determine the number of classes of a histogram for 1500 observations.
-
It wont come as a surprise to hockey fans that with each passing season the number of goals scored is decreasing. Many experts blame goalie equipment. The oversized pads and other protection for...
-
A project that is expected to generate annual after-tax cash flows of $2,200 for each of the next 20 years. The project's cost of capital is 8.5 percent and it has an IRR of 9.058 percent. What is...
-
Why are unpaid accruals a "temporary" source of cash? Please give some details and examples.
-
Gabbie has to decide between the following two choices: Option 1: Get $320 with probability 35.97%, and $84.15 with the complement probability. Option 2: Get $94.95 with 100% probability. Her utility...
Study smarter with the SolutionInn App