Amount of annuity expected $900 Opening balance nterest Annuity Closing balance $ heck the correctness of annuity payment by completing the following table. lote: Round the answers the nearest cent. $ Payment Annually $ Year 1 3,118.59 $ 187.12 3,305.71 $ Time 4 years 3,305.71 $ Interest rate 6% Year 2 3,305.71 144.34 3,450.05 $ $ 3,450.05 $ Present value (amount needed now t invest to receive annuity) $3,118.59 Year 3 3,450.05 $ 99.00 3,549.05 $ 3,549.05 $ Year 4 3,549.05 50.94 3,599.99 3,599.99
Amount of annuity expected $900 Opening balance nterest Annuity Closing balance $ heck the correctness of annuity payment by completing the following table. lote: Round the answers the nearest cent. $ Payment Annually $ Year 1 3,118.59 $ 187.12 3,305.71 $ Time 4 years 3,305.71 $ Interest rate 6% Year 2 3,305.71 144.34 3,450.05 $ $ 3,450.05 $ Present value (amount needed now t invest to receive annuity) $3,118.59 Year 3 3,450.05 $ 99.00 3,549.05 $ 3,549.05 $ Year 4 3,549.05 50.94 3,599.99 3,599.99
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 11E
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i would like to know the anuity for each year.
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