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Directions: Determine whether each of the following situation is Simply Annuity or General Annuity. Write your answers on the space provided. 1. A life insurance contribution paid monthly while the interest is compounded quarterly. 2. Your mom decided to join their office cooperative and agreed to contribute P1000 per month beginning in January 2020 which will earn 3% compounded monthly. 3. Your parents are planning to save for their retirement. To do this, they want to set aside a portion of their salaries and contribute monthly for their retirement funds which will earn 5% compounded quarterly. 4. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 5. A college educational plan earns 4% compounded quarterly and payments are made quarterly.

Directions: Determine whether each of the following situation is Simply Annuity or General Annuity. Write your answers on the space provided. 1. A life insurance contribution paid monthly while the interest is compounded quarterly. 2. Your mom decided to join their office cooperative and agreed to contribute P1000 per month beginning in January 2020 which will earn 3% compounded monthly. 3. Your parents are planning to save for their retirement. To do this, they want to set aside a portion of their salaries and contribute monthly for their retirement funds which will earn 5% compounded quarterly. 4. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 5. A college educational plan earns 4% compounded quarterly and payments are made quarterly.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 7P: Value of an Annuity Using the appropriate tables, solve each of the following. Required: 1....
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Directions: Determine whether each of the following situation is Simply Annuity or General Annuity. Write your answers on the space provided. 1. A life insurance contribution paid monthly while the interest is compounded quarterly. 2. Your mom decided to join their office cooperative and agreed to contribute P1000 per month beginning in January 2020 which will earn 3% compounded monthly. 3. Your parents are planning to save for their retirement. To do this, they want to set aside a portion of their salaries and contribute monthly for their retirement funds which will earn 5% compounded quarterly. 4. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 5. A college educational plan earns 4% compounded quarterly and payments are made quarterly. 6. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 7. A college educational plan earns 4% compounded quarterly and payments are made quarterly. 8. Your dad deposited all his retirement pay with bank C which will earn 4% compounded quarterly and he had an auto-credit arrangement of P20 000 per month. 9. Sir Eli deposits P10 000 on January 20, 2020 and had deposited the same amount on the same date every month. The China Bank credits 2.4% interest compounded annually to sir Eli's account. 10. Your teacher saves P5 000 every 6 months in a bank that pays 0.25% compounded monthly.
Transcribed Image Text:Directions: Determine whether each of the following situation is Simply Annuity or General Annuity. Write your answers on the space provided. 1. A life insurance contribution paid monthly while the interest is compounded quarterly. 2. Your mom decided to join their office cooperative and agreed to contribute P1000 per month beginning in January 2020 which will earn 3% compounded monthly. 3. Your parents are planning to save for their retirement. To do this, they want to set aside a portion of their salaries and contribute monthly for their retirement funds which will earn 5% compounded quarterly. 4. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 5. A college educational plan earns 4% compounded quarterly and payments are made quarterly. 6. Your eldest brother applied for a term life insurance. His contribution per year is P40 000 that earns 12% compounded monthly for 20 years. 7. A college educational plan earns 4% compounded quarterly and payments are made quarterly. 8. Your dad deposited all his retirement pay with bank C which will earn 4% compounded quarterly and he had an auto-credit arrangement of P20 000 per month. 9. Sir Eli deposits P10 000 on January 20, 2020 and had deposited the same amount on the same date every month. The China Bank credits 2.4% interest compounded annually to sir Eli's account. 10. Your teacher saves P5 000 every 6 months in a bank that pays 0.25% compounded monthly.
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