You deposit $11,600 annually into a life insurance fund for the next 10 years, at which time you plan to retire. Instead of a lump sum, you wish to receive annuities for the next 20 years. What is the annual payment you expect to receive beginning in year 11 if you assume an interest rate of 8 percent for the whole time period? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Annuities per year over the next twenty years
You deposit $11,600 annually into a life insurance fund for the next 10 years, at which time you plan to retire. Instead of a lump sum, you wish to receive annuities for the next 20 years. What is the annual payment you expect to receive beginning in year 11 if you assume an interest rate of 8 percent for the whole time period? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Annuities per year over the next twenty years
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 44P
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![You deposit $11,600 annually into a life insurance fund for the next 10 years, at which time you plan to retire. Instead of a lump sum,
you wish to receive annuities for the next 20 years. What is the annual payment you expect to receive beginning in year 11 if you
assume an interest rate of 8 percent for the whole time period? (Do not round Intermediate calculations. Round your answer to 2
decimal places. (e.g., 32.16))
Annuities per year over the next twenty years](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f473a7e-de20-4b61-873d-00a4aa00920d%2Fa18fd4ad-2d9c-4297-9fa5-a5392dfde0ab%2Fr29ymba_processed.png&w=3840&q=75)
Transcribed Image Text:You deposit $11,600 annually into a life insurance fund for the next 10 years, at which time you plan to retire. Instead of a lump sum,
you wish to receive annuities for the next 20 years. What is the annual payment you expect to receive beginning in year 11 if you
assume an interest rate of 8 percent for the whole time period? (Do not round Intermediate calculations. Round your answer to 2
decimal places. (e.g., 32.16))
Annuities per year over the next twenty years
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