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What amount will generate an annual scholarship

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Q1. James purchases a retirement annuity which provides monthly payments when he reaches the age of 65. If James is 58 now and you treat this as an annuity due, how many months will this loan accrue interest at basic compound interest before payments start?

Q2. James purchases a retirement annuity which provides monthly payments when he reaches the age of 65. If James is 58 now and you treat this as a regular annuity, how many months will this loan accrue interest at basic compound interest before payments start?

Q3. If you invest $10 500 in an RESP for your child when they are 7, how long will it withstand quarterly withdrawals of $1 100, assuming 4,7% compounded annually and they make their first withdrawal on their 18th birthday.

Q4. What amount will generate an annual scholarship of $500 in perpetuity, assuming a constant interest rate of 4,7%, compounded monthly?

Q5. You would like a retirement annuity to grow with inflation, and have set the increase to be by 2,6% per year.

Assuming you would like initial yearly payments of $35 000 with an interest rate of 4,0% compounded annually, what initial investment will be required to make the fund last 16 years?

Reference no: EM133133069

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