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How large will each of fifteen receipts be

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Problem 1: Mr. Salfatian is 30 years old now and planning to fund his post-retirement expenses starting the age of 60. He plans to make 120 quarterly payments of $500 each into Kuwait National Bank with the first payment being made today. At the age of 60, Mr. Salfatian anticipates to get paid 15 equal annual payments, with the first payment to be made at the beginning of the 31st year from now. The funds will be invested at a nominal rate of 8 percent, quarterly compounding, during the accumulation and 6% monthly compounding during the distribution period. How large will each of his 15 receipts be?

Reference no: EM132958266

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