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Asked Oct 31, 2019
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Find the periodic payment which will amount to a sum of $6000 if an interest rate
7% is compounded annually at the end of 16 consecutive years.
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Find the periodic payment which will amount to a sum of $6000 if an interest rate 7% is compounded annually at the end of 16 consecutive years.

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Expert Answer

Step 1

Recall the follow...

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(1+r)"-1 Future value Annual payment where r is the rate of interest n is the number of years

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