BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An ordinary annuity was purchased 5 years ago. The annuity pays 8% compounded quarterly. The quarterly payments have been $500. What is the amount of interest earned on the annuity to date?
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$2, 148.50
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$1, 551.78
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$2, 867.25
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$1, 561.83
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Explanation:
Detailed explanation-1: -Here, the total amount accumulated after a time period of 5 years at 0.08 rate of interest is 1000. $ A =
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