Find the periodic payment which will amount to a sum of $14000 if an interest rate 8% is compounded annually at the end of 14 consecutive years. The periodic payment is $ (Round to the nearest cent.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Find the periodic payment which will
amount to a sum of $14000 if an
interest rate 8% is compounded
annually at the end of 14
consecutive years.
The periodic payment is $
(Round to the nearest cent.)
Transcribed Image Text:Find the periodic payment which will amount to a sum of $14000 if an interest rate 8% is compounded annually at the end of 14 consecutive years. The periodic payment is $ (Round to the nearest cent.)
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