i would like to know the anuity for each year. Amount of annuity expected$900Opening balanceInterestAnnuityClosing balance$PaymentAnnuallyCheck the correctness of annuity payment by completing the following table.Note: Round the answers the nearest cent.$Year 13,118.59 $187.123,305.71 $Time4 years3,305.71 $Interest rate6%Year 23,305.71144.343,450.05 $$3,450.05 $Present value (amount needed now toinvest to receive annuity)$3,118.59Year 33,450.05 $99.003,549.05 $3,549.05$Year 43,549.0550.943,599.993,599.99

Annuity An annuity is an arrangement that you have with an insurance provider that calls for regular…

Amount of annuity expected $900 Opening balance nterest Annuity Closing balance $ heck the correctness of annuity payment by completing the following table. lote: Round the answers the nearest cent. $ Payment Annually $ Year 1 3,118.59 $ 187.12 3,305.71 $ Time 4 years 3,305.71 $ Interest rate 6% Year 2 3,305.71 144.34 3,450.05 $ $ 3,450.05 $ Present value (amount needed now t invest to receive annuity) $3,118.59 Year 3 3,450.05 $ 99.00 3,549.05 $ 3,549.05 $ Year 4 3,549.05 50.94 3,599.99 3,599.99

Amount of annuity expected $900 Opening balance nterest Annuity Closing balance $ heck the correctness of annuity payment by completing the following table. lote: Round the answers the nearest cent. $ Payment Annually $ Year 1 3,118.59 $ 187.12 3,305.71 $ Time 4 years 3,305.71 $ Interest rate 6% Year 2 3,305.71 144.34 3,450.05 $ $ 3,450.05 $ Present value (amount needed now t invest to receive annuity) $3,118.59 Year 3 3,450.05 $ 99.00 3,549.05 $ 3,549.05 $ Year 4 3,549.05 50.94 3,599.99 3,599.99

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 11E

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