Nine years from now , Sam wants to have an amount available to deposit into an account that earns 6 percent compounded annually. This account is to provide Sam with an income of $10,000 at the end of...



Nine  years  from  now,  Sam  wants  to  have  an  amount  available  to  deposit  into  an  account  that  earns
6  percent
compounded annually.  This account is to provide Sam with an income of
$10,000

at the end of each year for
10 years.  To accomplish this, Sam invests in an
8-year
bank certificate that pays
8 percent

compounded semiannually, and he will use this certificate, plus interest , to establish his income account.
What should be the principle value of the certificate be ?



please solve these math details and do not be use any software



Jun 10, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here