Katie purchased an annuity that had an interest rate of 2.75% compounded semi- annually. It provided her with payments of $1,500 at the end of every month for 7 years. If the first withdrawal is to be made in 4 years and 1 month, how much did she pay for it?

Answer rating: 100% (QA)

The payments stream constitutes an ordinary annuity Amount paid is the ... View the full answer