Question: MAP4C ( Personal Finance) QUESTION C is needed, calculations 3. a) Determine the amount of an ordinary simple annuity of $1100 deposited each year for
MAP4C ( Personal Finance) QUESTION C is needed, calculations

3. a) Determine the amount of an ordinary simple annuity of $1100 deposited each year for 8 years at 4.5% per year compounded annually. You may use the formula or the TVM Solver. If you use the TVM Solver, record the values that you enter. [2 marks] b) Without calculating, predict what would have the greatest impact on the future value: doubling the amount deposited each year, doubling the number of years or doubling the interest rate. c) Do the calculations to see if your prediction is correct. Show all work (if using equation, show equation used, equation with values filled in and final answer; if using TVM solver show all the values that you filled into each position and indicate what value you were looking for) [6 marks]
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