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Mathematics
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Contemporary Mathematics
Quiz 12: Annuities
Path 4
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Question 1
Short Answer
When the annuity payment is made at the end of each period, it is known as an ____________________ annuity.
Question 2
Short Answer
A(n) ____________________ is the payment or receipt of equal cash amounts per period for a specified amount of time.
Question 3
Multiple Choice
Kia deposited $1,200, at the BEGINNING of each year for 30 years in a credit union account. If the account paid 12% interest, compounded annually, use the appropriate formula to find the future value of her account.
Question 4
Short Answer
____________________ annuities are those in which the annuity payments and compounding periods do not coincide.
Question 5
Multiple Choice
Benigno deposited $1,000, at the END of every month for 3 years in a savings account. If the account paid 12% interest, compounded monthly, use Table 12-1 from your text to find the future value of his account.
Question 6
Short Answer
____________________ annuities are annuities based on an uncertain time period.
Question 7
Short Answer
Annuities ____________________ are annuities that have a specified number of time periods.
Question 8
Multiple Choice
Lidia deposits $900 at the END of each year for 9 years in a savings account. The account pays 8% interest, compounded annually. Lidia calculates that the future value of the ordinary annuity is $11,238.80. What would be the future value if deposits are made at the BEGINNING of each period rather than the END?
Question 9
Multiple Choice
Shiraz deposited $500 at the END of each year for 18 years in a savings account. If the account paid 5% interest, compounded annually, use Table 12-1 from your text to find the future value of his account.
Question 10
Multiple Choice
Use Table 12-1 of your text to find the future value of $1,300 deposited at the BEGINNING of every three months, for 3 years if the bank pays 12% interest, compounded quarterly.
Question 11
Multiple Choice
Peter deposits $500 at the END of every month for 3 years in a savings account. The account pays 12% interest, compounded monthly. Peter calculates that the future value of the ordinary annuity is $21,538.44. What would be the future value if deposits were made at the BEGINNING of each period rather than the END? (Calculate the future value by formula)
Question 12
Short Answer
____________________ are accounts used to set aside equal amounts of money at the end of each period, at compound interest, for the purpose of saving for a future obligation.
Question 13
Short Answer
The amount that must be deposited now at compound interest to yield a series of equal periodic payments is the ____________________ value of an annuity.
Question 14
Short Answer
The ____________________ value of an annuity is also known as the amount of an annuity.
Question 15
Multiple Choice
Lorna deposited $1,500, at the BEGINNING of every six months for 12 years, in an account at her credit union. If the account paid 6% interest, compounded semiannually, use Table 12-1 from your text to find the future value of her account.