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Calculate the amount of the annual instalments

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a) Wala insurance company will require $ 600,000 to pay a claim 5 years from now. Determine the amount of money that should be deposited in an account each year that earns 8% annual interest

b) Kake commercial bank is willing to lend Reliance insurance company $10,000,000. The bank charges interest of 8% per annum on the loan. The bank requires equal annual instalments to repay both the interest and the principal. Calculate the amount of the annual instalments.

Reference no: EM132804591

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