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Author Question: Siri plans to retire when her simple annuity savings account has enough money to receive $10 000.00 ... (Read 226 times)

cdr_15

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on: Jun 6, 2019

Question 1

Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement savings account paying him a long-term interest of 9% compounded monthly. What will be the size of his payments at the start of each month from the ordinary simple annuity for 20 years following his retirement?
◦ $8682
◦ $8618
◦ $965 020
◦ $957 836
◦ $2000

Question 2

Siri plans to retire when her simple annuity savings account has enough money to receive $10 000.00 per month for twenty years starting at the start of the first month after her retirement. She starts saving $4420 per month. Calculate when should Siri retire from today if her savings account pays 4.9% compounded monthly.
◦ 1.41 years
◦ 18 years
◦ 2.41 year
◦ 36 years
◦ 216 years
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by cdr_15 on Jun 6, 2019

upturnedfurball

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Reply #1 on: Jun 6, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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cdr_15

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Reply 2 on: Jun 6, 2019
YES! Correct, THANKS for helping me on my review

nathang24

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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