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How many payments are there in this annuity

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Reference no: EM132540434

1a) How much should Lucy have in a savings account that is earning 4.75% compounded monthly, if she plans to withdraw $2,500 from this account at the end of every month for 12 years?

Round to the nearest cent

b)Lucy deposits $850 at the end of every quarter for 9 years in a retirement fund at 5.96% compounded monthly. (multiple choice)
What type of annuity is this?

Ordinary simple annuity
Ordinary general annuity
Simple annuity due
General annuity due

c) How many payments are there in this annuity? Round up to the next payment

Reference no: EM132540434

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