Question

The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an annuity paying $3600 at the end of every three months. If interest on the annuity is 5.9% compounded quarterly, for how many months is the term of the annuity?

Answer 1

Step-by-step explanation:

The amount of $574 is invested monthly at 6% compounded monthly for six years. The balance in the fund is then converted into an annuity paying $3600 at the end of every three months. If interest on the annuity is 5.9% compounded quarterly, for how many months is the term of the annuity?