SOA Exam FM Sample Question 169
Study guide: Exam FM-2
A borrower takes out a loan to be repaid over 20 years. The first payment is 1102 payable at the end of the first month. Each subsequent monthly payment is five more than the previous month's payment.
Calculate the accumulated value of the payments at the end of 15 years using an annual effective interest rate of 6.5%.
- A) 442,031
- B) 443,525
- C) 445,578
- D) 447,287
- E) 448,547
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