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Social ScienceFind the periodic payment which will amount to a sum of $6000 if an interest rate7% 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.
Expert Answer
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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