Question: Tami would like to withdraw $10,364.10 at the end of each year, for 10 years, from an account paying 2.3% compounded annually. Determine the amount needed in the account for Tami to do this. Round to the nearest cent.

Answer: $91,651.92

Question: Suppose that a family wants to start a college fund for their child. If they can get a rate of 5.2%, compounded monthly, and want the fund to have a value of $55,500 after 20 years, how much should they deposit monthly? Assume an ordinary annuity and round to the nearest cent.

Answer: $131.93

Question: An account paying 4.6% interest compounded quarterly has a balance of $506,732.32. Determine the amount that can be withdrawn quarterly from the account for 20 years, assuming ordinary annuity.

Answer: 9,722.36

Question:

Answer: $182,713.25

Question: You put $125.32 at the end of each month in an investment plan that pays 2.5% interest, compounded monthly. How much will you have after 23 years? Round to the nearest cent.

Answer: 46,683.28

Question: If monthly payments are made for 30 years, find the value for n in the following future value ordinary annuity formula.

Answer: a

Question:

Answer: $616.39

Question: $3,250 is withdrawn at the end of every month from an account paying 4.1% compounded monthly. Determine the previous value of the account, given that withdrawals are made from the account for 30 years. Round to the nearest cent.

Answer: $672,601.61

Question: In the table below, we are given two annuity plans, A and B, and the amount invested into each plan every month. Given this information, determine which of the two investments is an ordinary annuity, and the amount invested over a 12 month period.

Answer: Investment B is an ordinary annuity with an annual contribution of $1,100