(Exercise 3.17) Find the present value on February 1 of an annuity which pays $4500...
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(Exercise 3.17) Find the present value on February 1 of an annuity which pays $4500 every three months for 8 years. The first payment is due on the coming April 1 and the rate of interest is 7.5% convertible quarterly.
(Exercise 3.18) Deposits of $4500 are placed into a fund at the beginning of each year for the next 21 years. After 34 years annual payments commence and continue forever, with the first payment at the end of the 34 th year. Find the amount of each payment if the effective rate of interest is 9.8%.
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