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Catrina Receives Payments of $1120

Question 21

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Catrina receives payments of $1120.00 at the beginning of each month from a pension fund of $79 500.00. Interest earned by the fund is 11.36% compounded monthly.
a) What is the number of payments Catrina will receive?
b) What is the size of the final payment?

Correct Answer:

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a) 79500.00 = 1120 blured image ...

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