Jane's grandparents set up an account for her college fund. They will invest $6,100.00 paid at the end of each quarter for 17 years that has an interest rate of 3.8%, compounded quarterly. After 8 years the grandparents sold their business and made a lump sum deposit to the annuity of $40,000.00 in addition to the continuation of 9 years of regular deposits.
How much is in the account at the end of the 17 years? (Round to 2 decimal places.)
How much was deposited into the annuity? (Round to 2 decimal places.)
Once the annuity matured, Jane decided to withdraw from the annuity quarterly payments for 6 years paid at the end of each quarter. If the interest rate did not change, what would the quarterly payment amount be?
The quarterly payments are (Round to 2 decimal places.)
What will the total amount that will be paid? (Round to 2 decimal places.)
How much is in the account at the end of the 17 years? (Round to 2 decimal places.)
How much was deposited into the annuity? (Round to 2 decimal places.)
Once the annuity matured, Jane decided to withdraw from the annuity quarterly payments for 6 years paid at the end of each quarter. If the interest rate did not change, what would the quarterly payment amount be?
The quarterly payments are (Round to 2 decimal places.)
What will the total amount that will be paid? (Round to 2 decimal places.)