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Author Question: You have a chance to buy an annuity that pays $1,100at the end of each year for5years. You could ... (Read 88 times)

kmcolvin

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Question 1

You deposit $1,000 today in a savings account that pays2.5% interest, compounded annually. How much will your account be worth at the end of40years?

$2,545.08


$2,685.06


$2,681.41


$2,705.48



Question 2

You have a chance to buy an annuity that pays $1,100at the end of each year for5years. You could earn 5.9% on your money in other investments with equal risk. What is the most you should pay for the annuity?

$3,775.77


$3,921.86


$4,075.64


$4,646.23



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Marked as best answer by kmcolvin on Aug 7, 2023

Burly

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kmcolvin

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Reply 2 on: Aug 7, 2023
Thanks for the timely response, appreciate it


rachel

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Reply 3 on: Yesterday
Gracias!

 

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