Harleen has deposited $125 at the end of each month for 13 years at 4.68% compounded monthly. After her last deposit she converted the balance into an ordulary paying $890 every three months for nine years. What is the nominal annual rate of interest, compounded quarterly, paid by the annuity? The nominal rate is % compounded quarterly. (Round the final answer to six decimal places as needed. Round all intermediate values to six decimal places as needed)

Harleen has deposited $125 at the end of each month for 13 years at 4.68% compounded monthly. After her last deposit she converted the balance into an ordulary paying $890 every three months for nine years. What is the nominal annual rate of interest, compounded quarterly, paid by the annuity? The nominal rate is % compounded quarterly. (Round the final answer to six decimal places as needed. Round all intermediate values to six decimal places as needed)

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 15E

See similar textbooks

Similar questions

Harleen has deposited $125 at the end of each month for 13 years at 4.68% compounded monthly. After her last deposit she converted the balance into an ordinary annuity paying $890 every three months for nine years. What is the nominal annual rate of interest, compounded quarterly, paid by the annuity?
To save for retirement, Karla Harby put $425 each month into an ordinary annuity for 11 years. Interest was compounded monthly. At the end of the 11 years, the annuity was worth $84,933. What annual interest rate did she receive? The interest rate she received was approximately %. (Round to two decimal places as needed.)
Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution was $2,200.00? The nominal annual rate of interest is % compounded quarterly. (Round to two decimal places as needed.)
At the beginning of each period for 11 years, Merl Agnes invests $410 semiannually at 4%. What is the cash value of this annuity due at the end of year 11? (Do not round intermediate calculations. Round your answer to the nearest cent.
Molly has made deposits of $960 at the end of every six months for twelve years. If interest is 5% compounded quarterly, how much will Molly have accumulated ten years after the last deposit? Molly will have accumulated $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Ms. Jones deposited $400 at the end of each month for 20 years into a savings account eaming 6% interest compounded monthly. However, she deposited an additional $1000 at the end of the fifteenth year. How much money was in the account at the end of the twentieth year? + The total amount of money in the savings account after the twentieth year is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Asa has invested money from the settlement of an insurance claim. She plans to withdraw $960 from her savings account at the end of each month for five years. If the payments are deferred for ten years and interest is 7% compounded annually, what was the amount of the insurance settlement? The insurance settlement was (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Asa has invested money from the settlement of an insurance claim. She plans to withdraw $14,080 from her savings account at the end of each year for five years. If the payments are deferred for four years and interest is 8% compounded quarterly, what was the amount of the insurance settlement? The insurance settlement was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
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
Amishi deposited $800, at the end of each six months for 19 years in a savings account. If the account paid 8% interest, compounded semiannually, use the appropriate formula to find the future value of her account. (Round your answer to the nearest cent.) $ _____
If $417.00 is deposited at the end of each year for 6 years into an ordinary annuity earning 4.08% interest compound semiannually, construct a balance sheet showing the interest earning during each year and the balance at the end of each year. Assume this annuity rounds the interest and balance to the nearest penny at the end of each year.
Reese contributed $250.00 every month into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Reese's account just after she made her last contribution was $16,750.00? The nominal annual rate of interest is % compounded monthly. (Round to two decimal places as needed.) C