Gillian Armes invested $10 000 in an income fund at 13% compounded semi- annually for 20 years.

Question:

Gillian Armes invested $10 000 in an income fund at 13% compounded semi- annually for 20 years. After 20 years, she is to receive semi-annual payments of $10 000 at the end of every 6-month period until the fund is exhausted. What is the size of the final payment?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

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

Question Posted: