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You deposit equal payments of 1000 in the bank for the next

Question: You deposit equal payments of $1000 in the bank for the next 12 years. Assume the payments are made at the beginning of each year. Assume a 5% interest rate with quarterly compounding.

a) What is the effective rate of this investment?_________

b) How much will you have at the end of 12 years? ________________

c) Is this an annuity?(yes/no)_______ and if so,

d) What type of annuity?(ordinary/due/not an annuity) ___

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Finance Basics: You deposit equal payments of 1000 in the bank for the next

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