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| rev | Admin | (Created page with "An investor deposits 1000 at the beginning of each year for 20 years. The fund earns interest at an annual effective rate of 9.25%. At the end of 20 years, the investor wishes to use the fund to purchase a 30-year annuity-due with monthly payments of 500 based on an annual nominal interest rate of 10% convertible monthly. Calculate the balance, if any, in the fund after paying for the annuity. <ul class="mw-excansopts"><li>The fund balance is insufficient to purchase t...") | Nov 19'23 at 13:26 | +567 |