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Determine fund to make annual payments

Jerry will make deposits of 450 at the end of each quarter for 10 years. At the end of 15 years, jerry will use the fund to make annual payments of Y at the beginnig of each year for 4 years, after which the fund is exhasuted. the effective annual rate of interest is 7%. Determine Y?

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Solution Preview :

Prepared by a verified Expert

Finance Basics: Determine fund to make annual payments

Reference No:- TGS0676098

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : Largest amount for equal-annual payments

Q : How to calculate bond valuation using coupon rate

Q : Earnings per share of firm

Q : Writing a formal justification report

Q : Determine fund to make annual payments

Q : Identify an appropriate cost driver

Q : What types of issues does the company seem to be facing

Q : God that was chosen is flora-the goddess of flowers

Q : Find the default risk premium on the corporate bond

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Solution Preview :

Prepared by a verified Expert

Finance Basics: Determine fund to make annual payments

Reference No:- TGS0676098

Recent Questions Asked Finance Basics

Q : Largest amount for equal-annual payments

Q : How to calculate bond valuation using coupon rate

Q : Earnings per share of firm

Q : Writing a formal justification report

Q : Determine fund to make annual payments

Q : Identify an appropriate cost driver

Q : What types of issues does the company seem to be facing

Q : God that was chosen is flora-the goddess of flowers

Q : Find the default risk premium on the corporate bond

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