Harleen has deposited $125 at the end of each month for 13 years at 4 68 compounded monthly After her last deposit she converted the balance into an ordinary annuity paying $890 every three months for nine years What is the nominal annual rate of interest compounded quarterly paid by the annuity ...

Here we need to calculate the amount which was converted into an ordinary annuity which in this case ...

Harleen has deposited $125 at the end of each month for 13 years at 4.68% compounded monthly.

Question:

Harleen has deposited $125 at the end of each month for 13 years at 4.68% compounded monthly. After her last deposit she converted the balance into an ordinary paying $890 every three months for nine years. What is the nominal annual rate of interest compounded quarterly paid by the 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,...