Seanna O'Brien receives pension payments of $3,200 at the end of every six months from a retirement fund of $53,000. The fund earns 7% compounded semi-annually. (a) How many payments will Seanna receive? (b) What is the size of the final pension payment? (a) The number of payments is (Round up to the nearest whole number.) (b) The size of the final payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Seanna O'Brien receives pension payments of $3,200 at the end of every six months from a retirement fund of $53,000. The fund earns 7% compounded semi-annually. (a) How many payments will Seanna receive? (b) What is the size of the final pension payment? (a) The number of payments is (Round up to the nearest whole number.) (b) The size of the final payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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