Derek receives $2,600 from an investment at the beginning of every half-year for 17 years at 5.60% compounded monthly. a

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Derek receives $2,600 from an investment at the beginning of every half-year for 17 years at 5.60% compounded monthly. a

Post by answerhappygod »

Derek receives $2,600 from an investment at the beginning of
every half-year for 17 years at 5.60% compounded monthly.
a. What type of annuity is this?
Option 1: Ordinary simple annuity
Option 2: Ordinary general annuity
Option 3: Simple annuity due
Option 4: General annuity due
b. How many payments are there in this
annuity?
Round up to the next payment
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”