MATH156 Brookdale Community Retirement Supplement Question

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Question Description

A personal account earmarked as a retirement supplement contains $371,000. Suppose $300,000 is used to establish an annuity that earns 8%, compounded quarterly, and pays $6500 at the end of each quarter. How long will it be until the value of the annuity is $0? (Round your answer UP to the nearest quarter.)

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A personal account earmarked as a retirement supplement contains $371,000. Suppose $300,000 is used to establish an annuity that earns 8%, compounded quarterly, and pays $6500 at the end of each quarter. How long will it be until the value of the annuity is $0? (Round your answer UP to the nearest quarter.) 

MATH156 Brookdale Community Retirement Supplement Question
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madushan
School: Duke University

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