June received a $500000 inheritance at the age of 55. She invested all of the money...

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June received a $500000 inheritance at the age of 55. She invested all of the money in an annuity that paid 4% interest compounded annually. If she wanted to receive an equal monthly payment from the annuity over the next 25 years until the annuity was gone, what monthly payment could she expect to recieve? N = 1% = PV = PMT= FV = P/Y = C/Y = 10. Use algebra to determine the annual rate of interest on an investment that grew from $4000 into $30000 in 17 years if the investment was compounded quarterly. 3 mark June received a $500000 inheritance at the age of 55. She invested all of the money in an annuity that paid 4% interest compounded annually. If she wanted to receive an equal monthly payment from the annuity over the next 25 years until the annuity was gone, what monthly payment could she expect to recieve? N = 1% = PV = PMT= FV = P/Y = C/Y = 10. Use algebra to determine the annual rate of interest on an investment that grew from $4000 into $30000 in 17 years if the investment was compounded quarterly. 3 mark

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Answer So June can ex... View the full answer