Mathematics, 27.10.2020 05:40 julianrod1201
An ordinary annuity pays 6.84% compounded monthly.
(A) A person deposits $100 monthly for 30 years and then makes equal monthly withdrawals for the next 15 years, reducing the balance to zero. What are the monthly withdrawals? How much interest is earned during the entire 45-year process?
(B) If the person wants to make withdrawals of 2,000 per month for the last 15 years, how much must be deposited monthly for the first 30 years?
(A) The monthly withdrawals are $
nothing
(Round to the nearest cent as needed.)
The interest earned during the entire 45-year process is $
nothing
(Round to the nearest cent as needed.)
(B ) _$ must be deposited monthly for the first 30 years.
(Round to the nearest cent as needed.)
Answers: 2
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An ordinary annuity pays 6.84% compounded monthly.
(A) A person deposits $100 monthly for 30 years...
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