1. A recent college graduate's gift from her grandparents is $20,000. How much will this provide at...

Question:

1. A recent college graduate's gift from her grandparents is $20,000. How much will this provide at the end of each month for the next 12 months while the graduate travels? Assume that money is worth 6.6%, compounded monthly?
2. An IRA of $250,000 is rolled into an that pays a retired couple at the beginning of each quarter for the next 20 years. If the earns 6.2%, compounded quarterly, how much will the couple receive each quarter?
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,...