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What was the purchase price

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Question 1 - Mr. Donatelli moved from Toronto to Winnipeg to take a job promotion. After selling their Toronto home and buying a home in Winnipeg, the Donatellis have $85,000 in cash on hand. If the funds are used to purchase a deferred annuity from a life insurance company providing a rate of return of 5.5% compounded annually, what payments will they receive at the end of every six months for 20 years after a 9-year deferral period?

Question 2 - To sell a farm that it had acquired in a foreclosure action, the Royal Bank agreed to monthly payments of $2700 for 20 years, with the first payment due 15 months from the date of sale. If the purchaser paid 15% down and the interest rate on the balance is 9% compounded annually, what was the purchase price?

Reference no: EM132927241

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