Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round youranswer to the nearest cent.)$10,000 in a fund paying 6% per year, with monthly payments for 10 years

An Annuity is a continuous flow of systematic timely cash flows made or received for a stipulated…

Answered: Find the periodic payments PMT…

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 20E

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Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $10,000 in a fund paying 6% per year, with monthly payments 10 years