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- Anika pays $305.20 for a car lease at the beginning of every month for 2 years and 8 months at 4.76% compounded monthly. a. What type of annuity is this? Ordinary simple annuity Ordinary general annuity Simple annuity due General annuity due b. How many payments are there in this annuity?Karen deposits 700 each month into an annuity that pays 12% annual interest at the end of each year. How much will she have in this account at the end of 2 years? FUTURE VALUE OF ANNUITY DUE.A student will receive 3,000 at the beginning of each months for 4 years. What is the sum of this annuity at the end of the 4rth year if the interest rate is 6% compounded quarterly.
- Karen deposits 300 each month into an annuity that pays 8% annual interest at the end of each year. How much money will she have in this account at the end of 4 years? (Future value of annuity due)Uptown Insurance offers an annuity due with semiannual payments for 20 years at 6 percent interest. The annuity costs $200,000 today. What is the amount of each annuity payment?Juan purchases an annuity for $3720 that will make 20 annual payments, the first to come in one year. If the effective rate of interest is 10.9%, how much is each annual payment? Payment = $
- At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8% compounded annually. How much is in the account today? How much would be in the account if the deposits were made at the beginning of each year (PMT Type) than at the end of each year? (Use Future Value of an Annuity) Suppose your opportunity cost (interest rate/year) is 11% compounded annually. How much must you deposit in an account today if you want to pay yourself $230 at the end of each of the next 15 years? How much must you deposit if you want to pay yourself $230 at the beginning of each of the next 15 years? Bruce invested $1,250 (present value - enter as a negative number) 10 years ago. Today, the investment is worth $3,550 (future value). If interest is compounded annually, what annual rate of return did Bruce earn on his investment? (Use Solving for r - Rate of Return- on a Lump Sum) Mario wants to take a trip that costs $4,750 (future value), but currently he only has $2,260…To save for retirement, a student invests $80 each month in an ordinary annuity with 9% interest compounded monthly Determine the accumulated amount in the student's annuity after 25 years. The accumulated amount will be $ (Round to the nearest cent as needed.)A retirement account has $260,000.00 that will be used to start an annuity that earns 4.1%, compounded monthly. The annuity will make payments at the end of every month in the amount of $1,200.00. How long will this annuity last?
- You would like to have $25,000 in 5 years for the down payment on a new house following college graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. How much should you deposit at the end of every three months? How much of the $25,000 comes from deposits and how much comes from interest?You would like to have $37,000 in 5 years for the down payment on a new house following college graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. How much should you deposit at the end of every three months? How much of the $37,000 comes from deposits and how much comes from interest?To save for retirement, a student invests $50 each month in an ordinary annuity with 6% interest compounded monthly. Determine the accumulated amount in the student's annuity after 40 years. The accumulated amount will be $