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What quarterly payment will tara receive

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1. Tara is going to invest $80 000 in an account. The account pays interest at the rate of 6% per annum, compounding monthly. What should be her monthly contribution to the investment to have an account balance of $120 000 at the end of 18 months? Give your answer correct to the nearest dollar.

2. If Tara invests $80 000 in an account which pays interest at the rate of 6.5% per annum, compounding fortnightly, and at the end of each fortnight she adds $1 700 to the investment, how much will the account balance be at the end of 24 months? Give your answer correct to the nearest dollar.

3. Assume that Tara places $80 000 in a perpetuity which will provide a monthly income without using any of the principal. If the perpetuity pays 8% per annum, compounding quarterly, what quarterly payment will Tara receive?

Reference no: EM132757876

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