Tom Receives Pension Payments of $6000

question 64

Essay

Tom receives pension payments of $6000.00 at the end of every six months from a retirement fund of $90 000.00. The fund earns 8.00% compounded semi-annually.
a) How many payments will Tom receive?
b) What is the size of the final pension payment?

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Definitions:

Mega Fossils

Large fossils that are easily visible without the aid of magnification, typically including bones, shells, and teeth, which can provide significant insights into the life forms that existed in the past.

Diploid

A cell or organism that has two sets of chromosomes, one set inherited from each parent.

Zygote

The initial cell formed when two gamete cells (sperm and egg) are joined through fertilization, representing the earliest stage of development.

Polyploid

The condition of having more than two sets of chromosomes per nucleus. Compare with diploid and haploid.