Melanie receives an annuity paying $1,000 at the end of each month for eight years. This...
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Melanie receives an annuity paying $1,000 at the end of each month for eight years. This is directly deposited to a fund paying interest at an annual effective rate of 7.28%. Interest is paid out at the end of each year to a fund with an annual yield of 4%. Both funds are liquidated at the end of ten years. Find the total amount of Melanie's liquidation from the two funds. Melanie receives an annuity paying $1,000 at the end of each month for eight years. This is directly deposited to a fund paying interest at an annual effective rate of 7.28%. Interest is paid out at the end of each year to a fund with an annual yield of 4%. Both funds are liquidated at the end of ten years. Find the total amount of Melanie's liquidation from the two funds.
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To calculate the total amount of Melanies liquidation from the two funds we need to find the future ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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