A contract worth $59 000.00 provides benefits of $21 000.00 at the end of each year. The benefits are deferred for six years and interest is 8.95% compounded quarterly.
a) How many payments are to be made under the contract?
b) What is the size of the last benefit payment?

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The Answer of A contract worth $59 000.00 provides benefits of $21 000.00 at the end of each year. The benefits are deferred for six years and interest is 8.95% compounded quarterly.
a) How many payments are to be made under the contract?
b) What is the size of the last benefit payment?

A Contract Worth $59 000