Please help! it's grade 12 math .

6. Jess would like to take a one-year leave of absence from work to travel. How much money would Jess need to deposit TODAY into an annuity earning 5.8% compounded bi-weekly, so that she can receive $1200 every two weeks for the next year? [4 marks]Import- and hav as possil or I = annual interest rate There is! i = interest rate Amount of an ordinary simple annuity per compounding A R[(1 + 1)" -1] , where: . A is the amount in dollars a.k.a. Future Value (FV) . R is the regular payment in dollars . i is the interest rate per compounding period as a decimal . " is the number of compounding periods The amount formula can only be used when: The payment interval is the same as the compounding period. A payment is made at the end of each compounding period. The first payment is made at end of the first compounding period. Ex. 2 In the annuity in Ex. 1, $450 is deposited at the end of each quarter for 1.5 years at 10% per year compounded quarterly. a) Use the formula to determine the amount of the annuity? The regular payment is $450, so R = 450 0.10 = 0.025; n = 15 x 4 = 6 Substitute R = 450, i = 0.025 and n = 6 into the amount formula. FV _ R[(1+i)"-1] 450 (1+0.025)6 -1] If you have a direct entry calculator, 0. 025 450 [ 1 1.0.25 ) 6 - 1] Press: 450 [0[0) 1 [@) 0.025 0 6 10 0.025 ENTER ENTER is the same as =. 01025 2 450 / 0. 15 9 6 93 ] 71 862038 = 2874. 48 0. 025 0. 025 b) How much interest does it earn? Interest earned = 2874. 48 - regular deposits = 2874. 48- 6x450 2874. 48 - 2700 2174. 48 . wwiweer 3 / and 25% of the purchase price as your dow apply for a high-ratio mortgage. Usually these ha (Canada Mortgage and Housing Con