Recently The Hartford offered an annuity that pays 735 annua

Recently, The Hartford offered an annuity that pays 7.35% annual interest rate, compounded quarterly. What equal quarterly deposits should be made into this annuity iin order to have $120,000 in 15 years?

Solution

Dear Student Thank you for using Chegg !! Interest Rate 7.35% Annual Quarterly Deposits C Time (T) 15 Years Future Value (FV) 1,20,000 $ Interest Rate Compunded quarterly 0.0184 n (T*4)= 60 C= 1112.681749 $