Asa has invested money from the settlement of an insurance claim. She plans to withdraw $4,640 from her savings account at the end of each year for six years. If the payments are deferred for three years and interest is 5% compounded semi-annually, what was the amount of the insurance settlement? The insurance settlement was $__.(Round the final answer to the nearest cent as needed)
Asa has invested money from the settlement of an insurance claim. She plans to withdraw $4,640 from her savings account at the end of each year for six years. If the payments are deferred for three years and interest is 5% compounded semi-annually, what was the amount of the insurance settlement? The insurance settlement was $__.(Round the final answer to the nearest cent as needed)
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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Asa has invested money from the settlement of an insurance claim. She plans to withdraw $4,640 from her savings account at the end of each year for six years. If the payments are deferred for three years and interest is 5% compounded semi-annually, what was the amount of the insurance settlement? The insurance settlement was $__.(Round the final answer to the nearest cent as needed)
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