A woman deposits $260 of her quarterly check into an annuity for the education of her child. She does this at the end of each quarter for 4 years into an account paying 6% per year, compounded quarterly. Find the amount of the annuity and the interest earned.
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A woman deposits $260 of her quarterly check into an
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- Michelle purchases a retirement annuity that will pay her $3,000 at the end of every six months for the first eleven years and $600 at the end of every month for the next five years. The annuity earns interest at a rate of 2.3% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Michelle receive from the annuity? Round to the nearest centAnna purchases a retirement annuity that will pay her $2,000 at the end of every six months for the first nine years and $200 at the end of every month for the next four years. The annuity earns interest at a rate of 3.6% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Anna receive from the annuity? Round to the nearest centStephanie purchases a retirement annuity that will pay her $3,000 at the end of every six months for the first twelve years and $600 at the end of every month for the next three years. The annuity earns interest at a rate of 2.2% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Stephanie receive from the annuity? Round to the nearest cent
- Jenna purchases a retirement annuity that will pay her $1,000 at the end of every six months for the first eight years and $100 at the end of every month for the next five years. The annuity earns interest at a rate of 3.1% compounded quarterly. 1. What was the purchase price of the annuity 2. How much interest did Jenna receive from the annuityErica purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first twelve years and $500 at the end of every month for the next six years. The annuity earns interest at a rate of 3.8% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Erica receive from the annuity? Round to the nearest centAt the time of her grandsons birth, a grandmother deposits 3000 in an account that pays 6.5% compounded monthly. What will be the value of the account at the child’s 21st birthday, assuming that no other deposits or withdrawals are made during this period
- Mrs. Quiton deposited Php 120,000.00 into a college fund at the beginning of every month for 10 years . The fund earns 9% annual interest , compounded monthly . She paid at the end of the month . How much is in the account right after the last deposit ? 1. What is the type of annuity illustrated in the given problem? A. Simple Annuity B. General Annuity C. Deferred Annuity D. Complex Annuity 2. Determine the present value of the deposit. A. Php 12,000.00 B. Php 30,000.00 C. Php 60,000.00 D. Php 75,000.00Sarah purchases a retirement annuity that will pay her $2,500 at the end of every six months for the first nine years and $700 at the end of every month for the next five years. The annuity earns interest at a rate of 4.1% compounded quarterly. 4 a. What was the purchase price of the annuity? $0.00 Round to the nearest cent b. How much interest did Sarah receive from the annuity? Round to the nearest centAt the time of her grandsons birth, a grandmother deposits 8,000 in an account that pays 2% compounded monthly. What will be the value of the account after the child’s 21st birthday, assuming that no other deposits or either are made during this period
- Your grandmother set up an annuity, in which she will receive a monthly payment from the bank of $1200 per month, payable at the beginning of each month. She paid $200,000 for this annuity. The bank says they are paying an interest rate of 4%. How many months does the bank plan to pay the annuity?Kavita determines that to receive an annuity of $6900 each quarter for 5 years at 6.5% per year compounded quarterly, she must deposit $117 016.64. How much must Kavita deposit for an annuity that pays twice as much, $13 800, each quarter? a) She must deposit exactly twice as much. b) She must deposit exactly half as much. C) She must deposit more than twice as much. d) She must deposit less than half as much.Kia deposited $1,200, at the beginning of each year for 30 years in a credit union account. If the account paid 12% interest, compounded annually, use the appropriate formula to find the future value of her account.
