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C. D. Rom has just given an insurance company $41,500.

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C. D. Rom has just given an insurance company $41,500. In return, he will receive an annuity of $5,600 for 20 years.;At what rate of return must the insurance company invest this $35,000 in order to make the annual payments? Use Appendix D for an approximate answer, but calculate your final answer using the financial calculator method. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

 

Paper#30348 | Written in 18-Jul-2015

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