i need the answer quickly 3. The proceeds of a 10,000-death benefit are left on deposit with an insurance company for sevenyears at an annual effective rate of 3%. The balance at the end of seven years is paid to thebeneficiary in 120 equal monthly payments of X, with the first payment made immediately.During the payout period, interest is credited at an annual effective interest rate of 5%. CalculateX.A. 117B. 118C. 129D. 135E. 158

Monthly payment of accumulated value is treated as an annuity payment for a fixed period.

3. The proceeds of a 10,000-death benefit are left on deposit with an insurance company for seve years at an annual effective rate of 3%. The balance at the end of seven years is paid to th beneficiary in 120 equal monthly payments of X, with the first payment made immediately During the payout period, interest is credited at an annual effective interest rate of 5%. Calculat A. 117 B. 118 C. 129 D. 135 E. 158

3. The proceeds of a 10,000-death benefit are left on deposit with an insurance company for seve years at an annual effective rate of 3%. The balance at the end of seven years is paid to th beneficiary in 120 equal monthly payments of X, with the first payment made immediately During the payout period, interest is credited at an annual effective interest rate of 5%. Calculat A. 117 B. 118 C. 129 D. 135 E. 158

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 12P

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