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Sally Gravita has received a settlement from an insurance company that will pay her [tex]$23,500 annually for 12 years. Current interest rates are 8 percent, compounded semiannually. a. What is the effective annual interest rate? (Use a Financial calculator to arrive at the answer. Round the final answer to 2 decimal places.) Effective annual interest rate % b. How much is the present worth of Sally's settlement? (Use a Financial calculator to arrive at the answer. Round the final answer to the nearest whole dollar.) Settlement amount $[/tex]
c. How much is the present worth of Sally's settlement if payments are made at the beginning of each year? (Use a Financial
calculator to arrive at the answer. Round the final answer to the nearest
whole dollar.)
Settlement amount
$
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