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Posted: July 20th, 2024
Clearly show all formulas and working (Refer to the attached Rubric) Rubric
Clearly show all formulas and working (Refer to the attached Rubric)RubricThe following course learning outcomes are being tested in this question:- Explore the concept of time value of money;- Perform basic mechanics of financial mathematics; andStudents are required to:- Compute future value of your 40 payments,- Compute the amount of 10 annuity payments whose present value is the FV you found in(a).- Justify your decisionQuestionYou have just purchased a life insurance policy that requires you to make40 semiannual payments of $350 each, where the first payment is due in 6months. The insurance company has guaranteed that these payments willbe invested to earn you an effective annual rate of 8.16 percent, althoughinterest is to be compounded semiannually. At the end of 20 years (40payments), the policy will mature. The insurance company will pay out theproceeds of this policy to you in 10 equal payments, where the firstpayment to be made one year after the policy matures. If the effectiveinterest rate remains at 8.16 percent, how much will you receive duringeach of the 10 years?(Hint: (a) compute future value of your 40 payments, (b) Compute theamount of 10 annuity payments whose present value is the FV you foundin (a). Since the effective interest rates is fractional, useequation of Table A-2 to get the interest factor.)
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