A 20-year annuity was purchased with $180,000 that had accumulated in an RRSP. The annuity provides a semiannualy compounded rate of return of 5% and makes equal month-end payments. How much interest will be påld in the sixth yea? (Round your answer to the nearest çent.) Interest paid $ 8866 47

A 20-year annuity was purchased with $180,000 that had accumulated in an RRSP. The annuity provides a semiannualy compounded rate of return of 5% and makes equal month-end payments. How much interest will be påld in the sixth yea? (Round your answer to the nearest çent.) Interest paid $ 8866 47

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A 20-year annuity was purchased with $180,000 that had accumulated in an RRSP. Thé annuity provides a semiannually compounded
rate of return of 5% and makes equal month-end payments. How much interest will be paid in the sixthyea? (Round your answer to
the nearest cent.)
Interest paidi
$ 8866 47
please provide ball plus solution
function

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