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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

APPLICATIONS

Funding an Annuity How much money must be invested now at 9 % per year, compounded semiannually, to fund an annuity of 20 payments of $ 200 each, paid every 6 months, the first payment being 6 months from now?

To determine

To find:

The amount of money that must be invested at 9% per year, compounded semiannually.

Explanation

Given:

The interest per year is,

i=9%

Number of semiannual payments is,

n=20

The payment R is,

R=$200

Approach:

The present value Ap of an annuity consisting of n regular payments of size R and interest rate

ipertimeperiod is given by,

Ap=R1(1+i)ni ... (1)

Calculation:

The interest per year compounded semiannually is given by,

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Chapter 13 Solutions

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