Jennifer invests an amount L into a fund at the beginning of each year for 20 years. At the end of year 20, she uses the fund to buy a perpetuity that pays 1000 at the end of each month. The effective annual interest rate for both transactions is 10%. Calculate L.

Answer rating: 100% (QA)

Answer L is 199048 fv 8 geaily L innestment is egual to Pu 2 Monthl4 Peepetil5 3 1o0 remls M... View the full answer