A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be invested at 3% per year, compounded semiannually. He is to draw semiannual payments until he reaches age 69. What is the amount of each payment? (Round your answer to the nearest cent.) $

A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be invested at 3% per year, compounded semiannually. He is to draw semiannual payments until he reaches age 69. What is the amount of each payment? (Round your answer to the nearest cent.) $

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 14E

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Question

Subject: algebra

A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money
will be invested at 3% per year, compounded semiannually. He is to draw semiannual payments
until he reaches age 69. What is the amount of each payment? (Round your answer to the
nearest cent.)
$

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