4
QuizMultiple Choice

Annuities

Question 4 of 10 • Financial Math A

David has a bank account which pays interest at the rate of 1.5% per year, compounded annually. Determine what amount David must have in the bank, given that he would like to draw an annual salary of $32,635.15 from his account at the end of each year for 30 years. Round to the nearest cent.a.$783,760.48b.$979,054.50c.$1,225,080.50d.$795,516.88

Answer
A
A
B
B
C
C
D
D
Previous
Next