1 for 10000 kelly purchases an annuity-immediate that pays, Ask an Expert

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1. For 10,000, Kelly purchases an annuity-immediate that pays 400 quarterly for the next 10 years. Calculate the annual nominal interest rate convertible monthly earned by Kelly’s investment.

2. You want to accumulate at least 20,000 in an account paying 4.5% annually by making a level deposit of 1000 at the beginning of the year for as long as necessary. Find the required number of deposits.

Can someone show me how to do this by hand instead of using a program?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92653714

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