For the last 10 years, megan has made regular semiannual payments of $1,624.13 into an account paying 1.5% interest, compounded semiannually. if, at the end of the 10 year period, megan stops making deposits, transfers the balance to an account paying 2.3% interest compounded monthly, and withdraws a monthly salary for 5 years from the new account, determine the amount that she will receive per month. round to the nearest cent

She will receive $616.39 per month.

Step-by-step explanation:

She made payments for the last 10 years, so N = 20 half-years.

Regular semiannual payments, Pmt = $1,624.13

APR is 1.5% compounded semiannually, R = 1.5/200 = 0.0075

FV of old annuity :-

It means Present Value of the new account = $34,904.53

APR is 2.3% interest compounded monthly, R = 2.3/1200 = 0.001916667

She withdraws a monthly salary for 5 years from the new account, so N = 60 months.

Hence, she will receive $616.39 per month.

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