Shelby purchases a retirement annuity that will pay her $3,000 at the end of every six months for the first eight years and $200 at the end of every month for the next three years. The annuity earns...


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Shelby purchases a retirement annuity that<br>will pay her $3,000 at the end of every six<br>months for the first eight years and $200 at<br>the end of every month for the next three<br>years. The annuity earns interest at a rate of<br>2.8% compounded quarterly.<br>a. What was the purchase price of the<br>annuity?<br>Round to the nearest cent<br>b. How much interest did Shelby receive<br>from the annuity?<br>Round to the nearest cent<br>

Extracted text: Shelby purchases a retirement annuity that will pay her $3,000 at the end of every six months for the first eight years and $200 at the end of every month for the next three years. The annuity earns interest at a rate of 2.8% compounded quarterly. a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Shelby receive from the annuity? Round to the nearest cent

Jun 04, 2022
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