Marissa purchased an annuity that had an interest rate of 3.25% compounded semi-annually. It provided him with payments of $1,500 at the end of every month for 6 years. If the first withdrawal is to be made in 3 years and 1 month, how much did he pay for it?
Marissa purchased an annuity that had an interest rate of 3.25% compounded semi-annually. It provided him with payments of $1,500 at the end of every month for 6 years. If the first withdrawal is to be made in 3 years and 1 month, how much did he pay for it?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Marissa purchased an annuity that had an interest rate of 3.25% compounded semi-annually. It provided him with payments of $1,500 at the end of every month for 6 years. If the first withdrawal is to be made in 3 years and 1 month, how much did he pay for it?
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