Sam deposits 1,000 every year on his birthday into a retirement fund earning an annual effective rate of 15%. The first deposit is made on his 39th birthday and the last deposit is made on his 60th birthday. Immediately after the last deposit, the accumulated value of the fund is transferred to a fund earning an annual effective rate of j. Five years later, a 35-year monthly annuity-due paying 1,000 each month is purchased with the funds. The purchase price of the annuity was determined using a nominal rate of interest convertible monthly at 6%. Calculate j.

Which of the following is likely not a benefit of requiring a grand jury to listen to and examine all of the evidence against a person suspected of committing a serious crime and then independently deciding whether or not to hand down an indictment? 1.the grand jury system provides the accused another safeguard against being sent to trial and facing conviction based on flawed evidence. 2.the members of the grand jury are drawn from the community and are empowered to render independent decisions about whether or not the government has collected enough evidence to bring an individual to trial. 3.the grand jury’s decision can provide prosecutors insight into what is necessary to build a sufficient case if a similar crime is presented later. 4.the grand jury is impaneled to rubber-stamp prosecutors’ cases, which makes it possible for more cases to reach trial.