A man drew a plan of saving for his vacation in Canada. He saves $200 at...

A man drew a plan of saving for his vacation in Canada. He saves $200 at the end of each month for three years. If the cost of vacation is going to be ($9,384.44), and the interest rate is 11% compounded annually, would the man have enough to cover his vacation at the end of the third year?

a). What must his annuity (A) be in order to make it to his vacation if the interest rate is 15% compounded semiannually.

b.) What must his annuity (A) be in order to make it to his vacation if the interest rate is 13.75% compounded quarterly.

c.) What must his annuity (A) be in order to make it to his vacation if the interest rate is 11.5% compounded monthly.

d.) What must his annuity (A) be in order to make it to his vacation if the interest rate is 8.25% compounded weekly.

Expert Solution

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jeff jeffy answered 1 year ago

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