You plan to spend six years in college and obtain both your bachelors and masters degrees....

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You plan to spend six years in college and obtain both your bachelors and masters degrees. Your uncle is gifting you a six-year ordinary annuity to help you pay for your education. The annuity has a present value of $24,500, with interest rates set at 11%. How much will you have each year to support your education? You plan to spend six years in college and obtain both your bachelors and masters degrees. Your uncle is gifting you a six-year ordinary annuity to help you pay for your education. The annuity has a present value of $24,500, with interest rates set at 11%. How much will you have each year to support your education?

Answer rating: 100% (QA)

SOLUTION To calculate the annual amount you will receive from the sixyear ordinary annuity we need t... View the full answer