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(Created page with "Mary purchases an increasing annuity-immediate for 50,000 that makes twenty annual payments as follows: # P, 2P, . . . , 10P in years 1 through 10, and # 10P (1.05), 10P (1.05)<sup>2</sup>, . . . , 10P (1.05)<sup>10</sup> in years 11 through 20. The annual effective interest rate is 7% for the first 10 years and 5% thereafter. Calculate P <ul class="mw-excansopts"><li>564,</li><li>574,</li><li>584,</li><li>594,</li><li>604</li></ul> '''References''' {{cite web |ur...") |
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Calculate P | Calculate P | ||
<ul class="mw-excansopts"><li>564,</li><li>574 | <ul class="mw-excansopts"><li>564,</li><li>574</li><li>584</li><li>594</li><li>604</li></ul> | ||
'''References''' | '''References''' | ||
{{cite web |url=https://web2.uwindsor.ca/math/hlynka/392oldtests.html |last=Hlynka |first=Myron |website=web2.uwindsor.ca | title = University of Windsor Old Tests 62-392 Theory of Interest | access-date=November 23, 2023}} | {{cite web |url=https://web2.uwindsor.ca/math/hlynka/392oldtests.html |last=Hlynka |first=Myron |website=web2.uwindsor.ca | title = University of Windsor Old Tests 62-392 Theory of Interest | access-date=November 23, 2023}} | ||
Latest revision as of 22:49, 26 November 2023
Mary purchases an increasing annuity-immediate for 50,000 that makes twenty annual payments as follows:
- P, 2P, . . . , 10P in years 1 through 10, and
- 10P (1.05), 10P (1.05)2, . . . , 10P (1.05)10 in years 11 through 20.
The annual effective interest rate is 7% for the first 10 years and 5% thereafter.
Calculate P
- 564,
- 574
- 584
- 594
- 604
References
Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.