Question: Business Math - Annuities Please answer correctly or I will dislike it! If $425,000 accumulated in an RRSP is used to purchase an annuity earning
Business Math - Annuities
Please answer correctly or I will dislike it!



If $425,000 accumulated in an RRSP is used to purchase an annuity earning 7.2% compounded monthly and paying $4,500 at the end of each month, what will be the term of the annuity? (Do not round intermediate calculations and round up the final answer to the nearest month.) It will be months What monthly payment for 15 years will pay off a $62,000 loan at 9.4% compounded monthly? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT If TFSA contributions of $11,900 at the end of every year are projected to generate a plan worth $2,900,000 in 35 years, what effective rate of return was assumed in the forecast? (Round your answer to 2 decimal places.) Effective rate of return %
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
