How large will each of your 10 receipts be

Reference no: EM133290560

Question: Your employer has agreed to make 80 quarterly payments of $800 each into a trust account to fund your early retirement. The first payment will be made by the employer 3 months from now. At the end of 20 years (80 payments), the retirement fund will be used to pay you 10 equal annual payments, with the first payment to be made at the beginning of Year 21 (or the end of Year 20). The funds will be invested at a nominal rate of 10 percent APR, quarterly compounding, during both the accumulation and the distribution periods. How large will each of your 10 receipts be?

Reference no: EM133290560

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