maths
posted by Ming .
On 1 Jan 2007, Peter celebrates his 30 year old birthday. As a birth commitment, Peter joins a 15 yearcontribution Annuity Plan. The annual contribution will be fixed at $28,800 for 15 years. The first annual premium is payable on 31 Dec 2007. Peter chooses to retire at age 60.The Annuity Plan pays a fixed amount every year forever after he retires. The payment from the Annuity Plan will be made at the end of each year. Assuming the long term interest rate is 4.84% per annum. All calculation is based on this rate.
a) What is the sum of gross amount of money that Peter contributes?
b) What will be the future value of the annuity when Peter becomes 45 years old (i.e. the day
after he will have paid the last premium)?
c) What will be the future value of the annuity when Peter celebrates his 60 year old birthday?
d) How much Peter could receive every year from the Annuity Plan after he retires?

Elain, Ming, Wong: We don't do homework for you. If you show thinking or work, we will generally critique it.
Respond to this Question
Similar Questions

calculating annuity
IF a company will generate 80,000 in annual revenue each year for the next eight years and the interest rate is 8.2% what is the present value of the savings? 
math
find the present value of ordinary annuity payments of 890 each year for 16 years at 8% compounded annually What is the amount that must be paid (Present Value) for an annuity with a periodic payment of R dollars to be made at the … 
Finance
You are now 30 years old. You plan to retire in 30 years, and expect to live for 30 years after retirement, that is, until you are 90. You want a fixed retirement income that has the same purchasing power at the time you retire as … 
Math
Mary's age is 2/3 that of peter's. Two years ago Mary's age was 1/2 of what Peter's age will be in 5 year's time. How old is peter now? 
post
retire in 30 yrs. annual deposits in ira to accumulate 450,000 in 30 years at 10% per year average what is the annual contribution? 
accounting
You have just purchased a house and have obtained a 30year, $200,000 mortgage with an interest rate of 10 percent. Required: a. what is your annual payment? 
finance
company starting salary 75,000 retirement benefits 401k with annual contribution of 5% company will match 3% (for max contribution of 8% salary) avg 401k return within mutual fund options at 8% per year sign on bonus 0 annual bonus … 
math
Simon Templeton takes out $30,000 of a tenyear term life insurance when he is fortyfive years old. annual premium? 
Finance
Life expectancy has risen to 78.3 years according to the Centers of Disease Control and Prevention. The average Romanâ€™s lifespan 2,000 years ago was 22 years. In 1900, a person was expected to live 47.3 years. In 2013, assume you … 
Math
Peter is three times as old as Sue, who is four years older than Joe. In 20 years, Peter will be twice as old as Joe. How old is Peter now?