A man has children aged 12, 15, and 20. He purchases annuities for each one that pay 3,000 per year with the first payment happening one year from today and continuing as long as the recipient is under 30. The annual interest rate is 8%. What is the total cost of these annuities? Round to 2 decimal places.
A man has children aged 12, 15, and 20. He purchases annuities for each one that pay 3,000 per year with the first payment happening one year from today and continuing as long as the recipient is under 30. The annual interest rate is 8%. What is the total cost of these annuities? Round to 2 decimal places.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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A man has children aged 12, 15, and 20. He purchases
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