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upon receiving your first salary, you deposited 3000 taka monthly in a fund for your future for 18 years. the fund earns 6% interest rate compounded monthly. after 18 years, you want it to make payments at the end of every quarter for five year 4.5% compounded quarterly, what is the amount of each annuity payment to you?

Sagot :

Cricetus

The Annuity payment will be "65,209.35 Taka". A further solution is provided below.

Given:

Monthly payment,

= 3000 Taka

Interest rate,

= 6% (compounded monthly)

Time,

= 18 years

The Future value will be:

→ [tex]FV = PMT\times \frac{((1+r)^{nt}-1)}{r}[/tex]

By putting the values, we get

         [tex]=3000\times \frac{((1+\frac{6}{12\times 100} )^{12\times 18}-1)}{\frac{6}{12\times 100} }[/tex]

         [tex]=3000\times \frac{((1+\frac{6}{1200} )^{216}-1)}{\frac{6}{1200} }[/tex]

         [tex]=1,162,059.58 \ Taka[/tex]

hence,

The Annuity payment will be:

→ [tex]P=\frac{PV(\frac{r}{n\times 100} )}{1-(1+\frac{4.5}{4\times 100} )^{-4\times 5}}[/tex]

      [tex]=P=\frac{PV(\frac{r}{n\times 100} )}{1-(1+\frac{4.5}{4\times 100} )^{-20}}[/tex]

By substituting all the values, we get

      [tex]=65,209.35 \ Taka[/tex]

Thus the correct answer is "65,209.35 Taka".

Learn more the Annuity payment here:

https://brainly.com/question/8462185

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