Mary is presented an annuity that is to pay $4000 at the end of each six months for six years. Using a nominal monthly interest rate of 3%, what is the value of Mary’s reward at the time of the announcement (six months before the first $4000 payments)?
Sharon invests $200 at the end of each quarter for eight years in an account having an annual effective interest rate of 4%. Find Sharon’s accumulated value at the time of her last deposit.