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Suppose an individual makes an initial irniestrnent nf smut] in an anmunt that earns 12%, Dumpuurided monthly, and makes additional mim'lhuljnns or

Suppose an individual makes an initial irniestrnent nf smut] in an anmunt that earns 12%, Dumpuurided monthly, and makes additional mim'lhuljnns or slim at the end at each month for a perlnd of 12 years. Amer these 12 years, this Individual wants to
make wlthdiewals at me and of each month for the next 5 years (so that lite aeeeunt balance will be reduced be \$0]. (Rnund your answers to the nearest sent.) (a) How mum is in the aeixiunt after the last deposit is made? 8 1351552 X (b) How inuen was deposited? S ) What is the ameunt of eadn withdrawal? ) what is Elie total amount withdrawn? Need Help? i A young couple wants to have a college fund that will pay \$30, 000 at the end of each half-year far B years. (a) If they can invest at 5%. compounded senilannually, how mum do they need to Invmt at the end af each Errnnnth perlod forthe next 15 years in order to begin maklrtg their college withdrawals 6 monms after their last lnveament? (Round
yeur answer to the nearest sent.) S 1558.61 X (b) Suppose a years atter beginning the annuity payments, they receive an inheritanae or \$37,000 that they mntrlbute tn the amount, and may mnlinue to make their regular payments as round in part (a). New many miiege wirha mwals will they
be able to make before the aoixiunt balance is 50? (Round your answer no the nearer whole number.) Need Hale? _ withdrawals The terms of a single parent‘s wlll lndlmle that a dtild will reeelve an ordinary annuity of \$20,000 per year from age 13 to age 24 (so the dtild can aneml college) and that the balance of the eaate goes tD a nieee. Ifﬂiie parent tiles on the child's 15th
birthday, haw much money must he removed frem lite estate in purdtase the annuity? (Assume an interest rate sf 7%, mmpuurtded annuaiiy. R00 rid yuur answer to the nearest cent.) \$ used Help? ii

Question 10 (a) Accumulated amount in the account = \$27 ,034.97  (b) Amount deposited =... View the full answer

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