The amount of $664 is invested monthly at 6.5% compounded monthly for six years. The balance in the fund is then converted into an annuity paying $3600 at the end of every three months. If interest on the annuity is 5.9% compounded quarterly, for how many months is the term of the annuity? (25

Answer rating: 100% (QA)

Amount of Investment Rate of Interest compounded monthly Term 6 years Perio... View the full answer