A person invests a series of level payments at the end of each month into a sinking fund, with no withdrawals allowed over a 28-year period, at the following annual levels: £1655 per annum for the first 10 years followed by £2323 per annum until the end of year 20 (inclusive). Given that rate of interest is 5.9% pa convertible monthly throughout the entire period, calculate, the value of this investment at the time of withdrawal of t=28 years. no tables, only formulas, please
A person invests a series of level payments at the end of each month into a sinking fund, with no withdrawals allowed over a 28-year period, at the following annual levels: £1655 per annum for the first 10 years followed by £2323 per annum until the end of year 20 (inclusive). Given that rate of interest is 5.9% pa convertible monthly throughout the entire period, calculate, the value of this investment at the time of withdrawal of t=28 years. no tables, only formulas, please
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A person invests a series of level payments at the end of each month into a sinking fund, with no withdrawals allowed over a 28-year period, at the following annual levels: £1655 per annum for the first 10 years followed by £2323 per annum until the end of year 20 (inclusive).
Given that rate of interest is 5.9% pa convertible monthly throughout the entire period, calculate, the value of this investment at the time of withdrawal of t=28 years.
no tables, only formulas, please
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