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amm1812
3 years ago
8

Olga buys a 5-year increasing annuity for X. Olga will receive 2 at the end of the first month, 4 at the end of the second month

, and for each month thereafter the payment increases by 2. The annual nominal interest rate is 9% convertible quarterly.CALCULATE X
Mathematics
1 answer:
kati45 [8]3 years ago
8 0

Answer:

Nominal interest rate is = 9% converible quaterly

we need to find monthy effective interest rate

0.09

i = 0.00744 or 0.75% approximately

i can also be taken as = 0.09/12

now PV of annuity will be the market price i.e x

6 60 *2 ---------------------a

Multiply equation by \frac{1}{1+i} both sides

6 60 2 PV ---------------b

Subtract equation b from a

60 2 PV (1 1+i (1+2)1 (1+2)2 (1+2)3 (1+2)60 (1+961

60 2 PV( 1 +i

on putting i = 0.00744

PV = 2733.88 approximately

X = 2733.88

Step-by-step explanation:

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Step-by-step explanation:

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Read 2 more answers
-2x-7≥41 in algaebra for
dexar [7]

Answer:

They are equal. x= -24

Step-by-step explanation:

-2x - 7 ≥ 41

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