Find the term of the following ordinary general annuity State your answer in years and months (from 0 to 11 months). Present Value $8700 Interest Rate Compounding Period 11% annually Periodic Payment $345 Payment Interval month. The term of the annuity is year(s) and month(s)

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 5SE: What is an annuity?
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Find the term of the following ordinary general annuity State your answer in years and months (from 0 to 11 months).
Present
Value
$8700
Interest Compounding
Period
Rate
11%
annually
Periodic
Payment
$345
Payment
Interval
month.
The term of the annuity is year(s) and month(s)
2
Transcribed Image Text:Find the term of the following ordinary general annuity State your answer in years and months (from 0 to 11 months). Present Value $8700 Interest Compounding Period Rate 11% annually Periodic Payment $345 Payment Interval month. The term of the annuity is year(s) and month(s) 2
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