An annuity is payable in arrears for 15 years. The annuity is payable halfyearly for the...

Transcribed Image Text:

An annuity is payable in arrears for 15 years. The annuity is payable halfyearly for the first 5 years, quarterly for the next 5 years, and monthly for the final 5 years. The annual amount of the annuity is doubled after each 5 -year period. On the basis of an interest rate of 8% per annum convertible quarterly for the first 4 years, 8% per annum convertible halfyearly for the next 8 years, and 8% per annum effective for the final 3 years, the present value of the annuity is 2,049. Find the initial annual amount of the annuity. Give your answer as an integer (e.g. 3). Number An annuity is payable in arrears for 15 years. The annuity is payable halfyearly for the first 5 years, quarterly for the next 5 years, and monthly for the final 5 years. The annual amount of the annuity is doubled after each 5 -year period. On the basis of an interest rate of 8% per annum convertible quarterly for the first 4 years, 8% per annum convertible halfyearly for the next 8 years, and 8% per annum effective for the final 3 years, the present value of the annuity is 2,049. Find the initial annual amount of the annuity. Give your answer as an integer (e.g. 3). Number