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Author Question: Oakville Aqua Club bought swimming equipment on a contract requiring monthly payments of $1000 for 5 ... (Read 102 times)

123654777

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Question 1

A sum of $15 700.00 is invested at 6.48% compounded semi-annually for eight years. After the eight years, the balance in the fund is converted into an annuity paying equal payments at the end of every 6 months for 5.5 years. If interest on the annuity is 7.95% compounded monthly, what is the size of the equal payments?

Question 2

Oakville Aqua Club bought swimming equipment on a contract requiring monthly payments of $1000 for 5 years beginning 6 months after the date of purchase. What was the cash value of the equipment if interest is 12% compounded monthly?


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Marked as best answer by 123654777 on Jun 6, 2019

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