document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1194796>Question 1194796</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 7. Mr. Singh’s life savings total $ 420000. He plans to use this money to purchase an annuity earning interest at 5.83 % compounded semi-annually. This will provide him with equal semi-annual payments for 25 years. How much is each semi-annual payment? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #827331 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=827331\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Total amount= Payment (1-(1+(r/n))-nt) divided by (r/n). Round at end<BR>\n" );
document.write( "420000=P (1-1+(0.0583/2))^(-50)))/0.02915<BR>\n" );
document.write( "12243=P(0.76227)<BR>\n" );
document.write( "$16060.61 </SPAN>\n" );
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