Foundation of Mathematics

Use the formula, Excel or an online Annuity Calculator (see Course Resources for suggested ones) as withhold to acceleration repartee the subjoined questions. Be strong to labor through the examples in the Lesson chief.

1. Suppose Mary guards $200 at the end of each month for 30 years into an wholeity that pays 5% cause compounded monthly.


a. How abundant whole specie succeed she feel in the wholeity at the end?

b. How abundant whole specie did Mary actually guard?

c. How abundant whole cause did the wholeity obtain balance that epoch?

d. Suppose instead of making monthly guards, Mary decides to guard a “lump sum” into the wholeity. How abundant must she guard? What is this appraise as-well denominated?

2. Suppose a retiree wants to buy an wonted annuity that pays her $2,000 per month for 20 years. If the annuity obtains cause at 3.5% cause compounded monthly, what is the exhibit appraise of this annuity?

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