When Nancy died, she left $20 000 for her 13 year old grandson, ...

[09madisonrousseau09]

Question 1

Sam received a lump sum of $135 000 as an inheritance from his great grandmother. He plans to invest them for 20 years in a long-term investment fund with an expected rate of return of 9% compounded monthly. After 20 years, what payment can he withdraw at the beginning of each month for 10 years?
◦ $66 985
◦ $7245
◦ $10 200
◦ $2955
◦ $4161

Question 2

When Nancy died, she left $20 000 for her 13 year old grandson, Max, to be paid to him as an annual scholarship of $8000 at the beginning of each year, if he ends up in the university. The inheritance was invested in a scholarship fund for 5 years at 9% compounded annually. How long will the scholarship be paid, once Max enters the university?
◦ 3 years
◦ 7 years
◦ 4 years
◦ 5 years
◦ 6 years

[underwood14]

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[09madisonrousseau09]

Excellent

[underwood14]

Great! Please up vote