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Author Question: The sum of $59 760.00 is invested at 9.5% compounded monthly for four years. After the four years, ... (Read 322 times)

formula1

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Question 1

Mrs. Muirhead paid $27 700.00 into a retirement fund paying interest at 9.32% compounded semi-annually. If she retires in 13.5 years, for how long can Mrs. Muirhead withdraw $5000.00 from the fund every six months? Assume that the first withdrawal is on the date of retirement.

Question 2

The sum of $59 760.00 is invested at 9.5% compounded monthly for four years. After the four years, the balance in the fund is converted into an annuity due paying annually $15 240.00. If interest on the annuity is 9.57% compounded annually, what is the term of the annuity?


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Marked as best answer by formula1 on Jun 6, 2019

TINA

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