Pat Lechleiter pays an ordinary annuity of $2,800 quarterly at 6% annual interest compounded quarterly to establish supplemental income for retirement. How much will Pat have available at the end of three years? Click the icon to view the Future Value of S1.00 Ordinary Annuity table
Pat Lechleiter pays an ordinary annuity of $2,800 quarterly at 6% annual interest compounded quarterly to establish supplemental income for retirement. How much will Pat have available at the end of three years? Click the icon to view the Future Value of S1.00 Ordinary Annuity table
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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Transcribed Image Text:Pat Lechleiter pays an ordinary annuity of $2,800 quarterly at 6% annual interest compounded quarterly to establish supplemental income for retirement. How much will
Pat have available at the end of three years?
E Click the icon to view the Future Value of $1.00 Ordinary Annuity table.
Pat will have $. (Round to the nearest cent as needed.)
Transcribed Image Text:Rate per period
3.00% 3.50% 4.00%
1.000
2.035
3.106
Periods 0.25% 0.50% 0.75% 1.00% 1.50% 2.00% 2.50%
1.000
1
2.002
1.000
1.000
1.000
1.000
2.020
3.060
4.122
5.204
6.308
7.434
8.583
9.755
10.113 10.228 10.344 10.462 10.703 10.950 11.203 11.464 11.731 12.006
11.139 11.279 11.422 11.567 11.863 12.169 12.483 12.808 13.142 13.486
12.166 12.336 12.508 12.683 13.041 13.412 13.796 14.192 14.602 15.026
13.197 13.397 13.601 13.809 14.237 14.680 | 15.140 15.618 16.113 16.627
14.230 14.464 14.703 14.947 15.450 15.974 16.519 17.086 17.677 18.292
1.000
1.000
1.000
2.005
3.015
1.000
2.025
3.076
2.010| 2.015
3.030
4.060
5.101
6.152
7.214
8.286
9.369
2.008
3.023
2.030
2.040
3.008
3.045
3.091
3.122
4
4.015
4.030
4.045
4.091
4.153
5.256
4.184
4.215
4.246
5.309
5.362
6.55
7.779
9.052
9.955 10.159 10.368 10.583
5.025
5.050
6.076
7.106
8.141
9.182
5.076
5.152
5.416
6.
6.038
6.114
6.230
6.388
6.468
7.662
8.892
6.633
7.547
7.898
7
7.053
8.070
8
9.091
7.159
8.213
9.275
7.323
8.433
8.736
9.214
9.559
10
11
12
13
14
15
15.265 15.537 15.814 16.097 16.682 17.293 17.932 18.599 19.296 20.024
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