The total amount of money which the Stewart family would have to pay into the annuity each quarter is $242.12.
<h3>How to calculate the payment?</h3>
Mathematically, annuity can be calculated by using this formula:
<u>Given the following data:</u>
- Number of times compounded (quarterly), n = 4.
- Present value, A = $13,000.
- Interest rate, r = 3.6% = 0.036.
Substituting the given parameters into the formula, we have;
P = 13000/53.6932898522
P = $242.12.
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Complete Question:
The Stewart family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 3.6% interest, compounded quarterly. Payments will be made at the end of each quarter. How much money do they need to pay into the annuity each quarter for the annuity to have a total value of $13,000 after 11 years?
Answer:
(i) See attached image file
(ii) Option A
Step-by-step explanation:
See attached image file
Answer:
Step-by-step explanation:
Given
------------------------------Has a brother | Does not have a brother
Has a sister
--------------------------- 6 ----------------- 8
Does not have a sister -----------2 ------------------ 13
Required
Probability of having a sister and a brother
First, the total number of students has to be calculated;
Total = 6 + 2+ 8 + 13
Total = 29
Number of students that have a sister and a brother is represented with data in row 1 and column 1 i.e. 6
At this point, the probability can then be calculated;
Probability = Number of students that have a sister and a brother divided by Total number of students