a company wishes to find a scholarship without deposit of $30,000 today the defined earn interest that j2 = 6% the scholarship is to make semi annual payments with the first payments to be made in 6 months the payment $800 for the first three year and $ and the dollar are there after what is R
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For questions 1–4, use the information provided to determine whether an annuity exists.
A debt of four payments of $500 due in 6 months, 12 months, 18 months, and 24 months.
A debt of four quarterly payments in the amounts of $100, $200, $300, and $400.
Contributions to an RRSP of $200 every month for the first year followed by $200 every quarter for the second year.
Regular monthly deposits of $250 to an RRSP for five years, skipping one payment in the third year.
For questions 5–8, determine the annuity type.
Compounding FrequencyPayment FrequencyPayment Timing5. QuarterlySemi-annuallyBeginning6. AnnuallyAnnuallyEnd7. Semi-annuallySemi-annuallyBeginning8. MonthlyQuarterlyEnd
For questions 9–10, draw an annuity timeline and determine the annuity type.
A $2,000 loan at 7% compounded quarterly is taken out today. Four quarterly payments of $522.07 are required. The first payment will be three months after the start of the loan.
A new RRSP is set up with monthly contributions of $300 for five years earning 9% compounded semi-annually. The RRSP will have $22,695.85 when complete. The first payment is today.
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For questions 11–15, draw an annuity timeline and determine the annuity type. Calculate the value of N.
Marie has decided to start saving for a down payment on her home. If she puts $1,000 every quarter for five years into a GIC earning 6% compounded monthly she will have $20,979.12. She will make her first deposit three months from now.
Laroquette Holdings needs a new $10 million warehouse. Starting today the company will put aside $139,239.72 every month for five years into an annuity earning 7% compounded semi-annually.
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