Sep 28, 2017 term paper 2

WHAT IS THE ACCUMULATED SUM OF THE FOLLOWING STREAM OF PAYMENTS?

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1. What is the accumulated sum of the following stream of payments?
$2,198 every year at the beginning of the year for 12 years, at 7.92 percent, compounded annually.
Round the answer to two decimal places.
2.You have accumulated some money for your retirement. You are going to withdraw $54,281 every year at the beginning of the year for the next 29 years starting today. How much money have you accumulated for your retirement? Your account pays you 4.20 percent per year,


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