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An annuity purchased for $175,000 pays $4,000 at the end of every quarter. How long will the payments continue if the compounded semiannually? (Do not round intermediate calculations and round up the number of payments, n, to the next funds earn 4% whole number.) It will be years [ months

An annuity purchased for $175,000 pays $4,000 at the end of every quarter. How long will the payments continue if the compounded semiannually? (Do not round intermediate calculations and round up the number of payments, n, to the next funds earn 4% whole number.) It will be years [ months

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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An annuity purchased for $175,000 pays $4,000 at the end of every quarter. How long will the payments continue if the funds earn 4% compounded semiannually? (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) It will be years months
Transcribed Image Text:An annuity purchased for $175,000 pays $4,000 at the end of every quarter. How long will the payments continue if the funds earn 4% compounded semiannually? (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) It will be years months
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